BharatPe settles dispute with former co-founder Ashneer Grover, drops legal suit

NEW DELHI: Fintech company BharatPe has arrived at a definitive agreement with its former co-founder Ashneer Grover, and, as part of the settlement, Grover will not be associated with the company in any capacity nor be a part of the shareholding of the company.

BharatPe, in an official statement on Monday, said that certain shares of Grover shall be transferred to the ‘Resilient Growth Trust’ for the benefit of the company and his remaining shares will be managed by his family trust.

“Both parties have decided not to pursue the cases filed. We wish Mr Grover well. BharatPe continues to focus on delivering industry leading solutions to its merchants and customers driving growth with profitability”, said a BharatPe statement.

Reportedly, both parties were involved in a legal dispute since Grover was removed from the position of Managing Director by the company’s board in March 2022.

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. I will no longer be associated with… pic.twitter.com/gB3Pla5qQZ

— Ashneer Grover (@Ashneer_Grover) September 30, 2024

Taking to X after the settlement, Grover wrote that he reposes his 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. I will no longer be associated with BharatPe in any capacity, nor be part of the capital table. My remaining shares will be managed by my Family Trust. Both parties have decided not to pursue cases filed. I hope BharatPe continues to grow and succeed for the benefit of all its stakeholders”, the X post added. (ANI)