BharatPe and Ex-Co-founder Ashneer Grover Reach Final Settlement

BharatPe has finalized an agreement with former co-founder Ashneer Grover, severing all ties. Grover's shares will transfer to a trust for the company's benefit, and both parties will drop existing legal cases. Grover expressed continued support for BharatPe's growth.

BharatPe has finalized an agreement with its former co-founder Ashneer Grover, officially ending all associations between the fintech company and Grover. As part of the settlement, Grover will no longer hold any shareholding in the company. According to an official statement released by BharatPe on Monday, certain shares owned by Grover will be transferred to the 'Resilient Growth Trust' for the company's benefit, while the rest of his 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," the statement said. The legal battle between Grover and BharatPe had been ongoing since March 2022, when Grover was ousted from his position as Managing Director by the company's board.

In a post on X following the settlement, Grover expressed confidence in the management and board of BharatPe, stating, "I reposes 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 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," Grover stated.

(With inputs from agencies.)