Ashneer Grover, BharatPe announce out-of-court settlement

New Delhi: Ashneer Grover, the former co-founder of BharatPe, on Monday said he reached a settlement agreement with the fintech company, effectively ending his association with BharatPe in any capacity.

This settlementalso includes the transfer of Grover's shares. 

As per the agreement, Grover will no longer hold any position or shareholding in BharatPe. His shares are to be managed by a family trust, with a portion transferred to the Resilient Growth Trust for the benefit of the company.

Both parties have agreed to drop all legal proceedings against each other, marking an end to the contentious disputes that had been ongoing since early 2022, Grover said in a post on X.

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

The dispute between Grover and BharatPe had become public and contentious, involving allegations of misappropriation of funds and other legal tussles.

This resolution comes after months of legal back-and-forth, with both sides presenting their cases in various courts over issues ranging from Grover's exit to the management of company funds. The settlement is seen as a move towards healing for BharatPe, allowing the company to focus on its business without the overhang of legal disputes with one of its founders.