New Delhi-based fintech BharatPe has resolved its prolonged legal battle with former co-founder Ashneer Grover, concluding years of public disagreements, according to a statement released by BharatPe and Ashneer Grover. As per the settlement, Grover will no longer be affiliated with BharatPe in any capacity, nor will he hold any shares in the company. Both sides have agreed to drop any ongoing legal cases.
Reportedly, Grover will transfer 1.4% of his stake to BharatPe's board, with around 3.5-3.7% going to his family trust, removing him from the company’s ownership structure.
Grover will also return certain shares to BharatPe co-founder Bhavik Koladiya. In January 2023, Koladiya had accused Grover of not paying for 1,611 shares (now 16,110) worth ₹88 lakh, leading to a court case that prohibited Grover from selling those shares.
BharatPe, in a statement issued on September 30, 2024, extended good wishes to Grover and reiterated its commitment to growth and profitability. Following the announcement, Grover posted on X, expressing satisfaction with the settlement and confidence in the company's leadership. “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 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,” Grover shared via social media platform X.
The decision to settle the dispute came just days after Deepak Gupta, the husband of Grover’s wife Madhuri Grover’s sister, was arrested by the Economic Offences Wing (EOW) of Delhi Police in connection with alleged fund misappropriation at BharatPe. Gupta was taken into custody on September 19 and was expected to be presented before the Chief Judicial Magistrate.
A criminal complaint was filed by BharatPe 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 (Madhuri’s brother-in-law). The EOW followed up by filing an FIR in May 2023, accusing Grover and his family members of involvement in an ₹81-crore fraud.
In August 2024, the EOW made its first arrest in the case, apprehending Amit Kumar Bansal for his alleged role in non-existent companies that received payments of ₹72 crore between 2019 and 2021. BharatPe has accused Grover and his family of causing losses of ₹81.3 crore through fraudulent payments to fake HR consultants, inflated vendor payments, sham transactions related to input tax credit, fake invoices, and illegal payments to travel agencies, among other charges.
While Grover faces these allegations, he is reportedly planning a comeback in the fintech industry. After his stint on Shark Tank India, he founded Third Unicorn and launched CrickPe, a fantasy gaming platform, in 2023. He is also working on a new medical loans app called ZeroPe.
In May 2024, BharatPe and PhonePe reached a resolution to their long-standing legal conflicts regarding the ‘Pe’ trademark. For five years, both companies had been engaged in legal disputes in various courts. This settlement brings an end to all ongoing court cases.
Back in 2018, PhonePe sent a legal notice to BharatPe, demanding that they stop using 'Pe' in the Devanagari script in their brand name. The following year, PhonePe escalated the situation by filing a petition in the Delhi High Court, seeking an injunction to bar BharatPe from using the 'Pe' suffix.
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