Ashneer Grover’s Dispute With BharatPe Ends As Former Co-Founder Agrees To Cut Ties And Relinquish Shares In Fintech Firm

After years of legal battles and public disputes, fintech company BharatPe has arrived at a settlement with its former co-founder Ashneer Grover, which demands the latter to end all associations with the former.

As part of the settlement, Grover is prohibited from holding the company's shares. He will be required to transfer a portion of his shares to the Resilient Growth Trust, while the remaining shares will be managed by his family trust.

Both parties will also drop the legal cases filed against each other. One such case is where Grover is accused of getting 1,611 shares of BharatPe but never paying for it to another co-founder Bhavik Koladiya.

Now, Grover is set to return these shares. He pledged to remain aligned with the company's growth and success in a post on X but said that he will no longer be associated with BharatPe in any capacity.

The reconciliation comes shortly after the arrest of Deepak Gupta, a relative of former BharatPe Managing Director and co-founder Ashneer Grover by the Economic Offences Wing (EOW) of Delhi Police.

Deepak Gupta, married to the sister of Madhuri Grover—Ashneer Grover's wife, who previously held the position of Head of Controls at BharatPe before being dismissed.

He was arrested on the night of September 19 and is set to appear before the Chief Judicial Magistrate. He is accused of misappropriating funds at the fintech company.

BharatPe lodged a criminal complaint in December 2022 against five individuals, including Ashneer Grover, Madhuri Grover, Shwetank Jain (Madhuri's brother), Suresh Jain (Ashneer's father-in-law), and Deepak Gupta.

BharatPe has accused Ashneer Grover and his family of causing the company losses worth Rs 81.3 crore through fraudulent transactions. These included improper payments to fake HR consultants and inflated vendor invoices.