BharatPe settles Rs 88 crore fund misappropriation case with Ashneer Grover, no association with firm

New Delhi, Sept 30: BharatPe has reached a settlement with its former co-founder Ashneer Grover who was charged, along with his family members, by the fintech company for alleged misappropriation of funds worth Rs 88.67 crore.

As part of the settlement, Grover will no longer be associated with BharatPe in any capacity nor be a part of the shareholding of the company.

“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,” said a company spokesperson.

BharatPe further added that both parties have decided not to pursue the cases filed.

“We wish Grover well. BharatPe continues to focus on delivering industry-leading solutions to its merchants and customers driving growth with profitability,” the company added.

In a post on X social media platform, Ashneer said he has “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,” said Ashneer.

“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,” he posted.

Notably, BharatPe co-founder Bhavik Koladiya In January 2023 alleged that he transferred 1,611 shares of BharatPe, amounting to Rs 88 lakh, to Grover but was never paid for them. The matter later went to court.