BharatPe’s co- founder Bhavik Koladiya, who himself left the fintech major in August last year, has filed a case against BharatPe and former co-founder Ashneer Grover over share dispute.
Bhavik Koladiya founded the fintech firm in 2017 with Shashvat Nakrani. In 2018, they began searching for a chief executive for the company and eventually joined hands with Ashneer Grover. After a short period, Bhavik Koladiya had to exit the cap table owing to his past conviction for credit card fraud in the US.
It is said that his involvement in the company would have hindered fundraising talks with big institutional investors, so he had to step down and let go of his shares. Bhavik Koladiya held a majority stake (30.21%) in the company.
According to documents, Bhavik Koladiya transferred his shares to Ashneer Grover, Shashvat Nakrani, and Mansukhbhai Mohanbhai Nakrani, and some other early-stage and angel investors in December 2018. Bhavik didn’t comment on this matter and instead said to speak with his attorneys.
