BharatPe has reached a definitive settlement with its former co-founder, Ashneer Grover, concluding years of legal conflict. As part of the agreement, Grover will no longer have any association with BharatPe, nor will he hold any shares in the company.
“Mr. Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company. Certain shares of Mr. 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,” the company stated. Both parties have also agreed to drop all pending legal cases.
“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 added.
This settlement follows a turbulent legal battle between Grover and BharatPe, which accused him and his family of financial misconduct during his tenure. Allegations included fraudulent payments to fake HR consultants, inflated vendor payments, and fabricated invoices.
Investigations into the alleged financial irregularities began after Grover’s contentious exit from the company in 2022. His wife, Madhuri Jain Grover, who was the former Head of Controls at BharatPe, was also dismissed as part of the fallout.
In September, Deepak Gupta, the former Head of Procurement at BharatPe’s parent company, Resilient Innovation, was arrested by the Economic Offences Wing (EOW) of Delhi Police. Gupta, who is related to Grover’s family, was implicated in the ongoing ₹81 crore fraud case, which has seen multiple arrests and ongoing investigations into the company’s financial affairs.
