Fintech giant BharatPe has reached a settlement with its former co-founder and managing director, Ashneer Grover, concluding a prolonged and contentious legal battle. Both BharatPe and Grover have agreed to part ways permanently, with Grover no longer holding any direct involvement in the company, including its shareholding.
According to BharatPe’s official statement, some of Grover’s shares will be transferred to the Resilient Growth Trust, established for the benefit of the company, while the remainder of his shares will be managed by a family trust. This agreement also ensures that both parties will drop all legal cases filed against each other.
Grover confirmed the settlement in a social media post, stating, “I have reached a decisive settlement with BharatPe. I repose my faith in the management and board, who are doing great work in taking BharatPe forward in the right direction. I continue to remain aligned with the company’s growth and success.”
The settlement marks the end of a bitter public and legal feud that began in February 2022 when Grover stepped down from BharatPe. After resigning in March 2022, Grover levelled serious allegations against the company’s board, co-founders, and investors, accusing them of orchestrating his removal.
In response, BharatPe lodged a criminal complaint in December 2022, accusing Grover and his family of financial misconduct and seeking Rs 88.67 crore in damages. Co-founders Bhavik Koladiya and Shashvat Nakrani also filed complaints related to a share dispute in early 2023. The company sought arbitration from the Singapore International Arbitration Centre (SICA) to transfer Grover’s restricted shares to Nakrani for Rs 33.02 lakh.
The dispute intensified when, in mid-2023, the Delhi Police’s Economic Offences Wing (EOW) filed a First Information Report (FIR) against Grover, his wife Madhuri Jain, and other family members. Most recently, in September 2024, Deepak Gupta, a relative of Grover, was arrested for allegedly misappropriating company funds.
This settlement signals a new chapter for BharatPe, which recently resolved other significant legal disputes, including a trademark disagreement with PhonePe over the use of the suffix “Pe.” Backed by Tiger Global, BharatPe is now positioned to focus on its growth strategy without the shadow of legal disputes looming over its operations.
