Battle between Bharatpe and Ashneer Grover is ultimately resolved

As part of a settlement agreement, BharatPe's co-founder Ashneer Grover will no longer be connected to the business or have any ownership stake. Grover's family trust will handle his remaining shares, with some of them going to the Resilient Growth Trust. Years of legal battles between the fintech company and the former Shark Tank India judge are resolved with this deal.

Grover, who had served as managing director and co-founder of BharatPe, resigned from his position on 28 February 2022. Both parties have agreed to drop all ongoing legal cases against each other.

Since his resignation, Grover and BharatPe have been involved in a public dispute, with both sides levelling accusations. BharatPe’s parent company, Resilient Innovations, alleged discrepancies in vendor invoices and claimed that some HR consultancies associated with the company had been set up to siphon off funds from the fintech unicorn. Grover, however, defended himself by calling the entire matter a “witch-hunt” by the BharatPe board and management to remove him from the company, according to media reports.

Additionally, in February last year, Grover wrote to the National Payments Corporation of India (NPCI), accusing BharatPe’s co-founder Bhavik Koladiya of data theft.

Later in November, during the dispute, a lookout circular (LoC) was issued against both Grover and his wife, Madhuri Jain, preventing them from travelling abroad. The couple was stopped at Delhi’s Indira Gandhi International Airport last year while attempting to fly to New York due to financial misconduct allegations.