Fintech unicorn BharatPe has successfully resolved its long-standing dispute with former co-founder and managing director Ashneer Grover. In an official statement, BharatPe announced that both parties have reached a definitive agreement.

As part of this settlement, Grover will not have any association with BharatPe nor hold any shares in the company.

The statement further elaborated that certain shares belonging to Grover will be transferred to the Resilient Growth Trust for the benefit of BharatPe. Meanwhile, the remaining shares will be managed by Grover’s family trust. Importantly, the agreement stipulates that both parties will refrain from pursuing any ongoing legal cases against each other.

Confirming the settlement, Grover expressed his satisfaction in a post, stating that he has reached a decisive agreement with BharatPe. He voiced his confidence in the management and board, commending their efforts in steering the company in the right direction. Grover also affirmed his alignment with BharatPe’s growth and success.

The contentious relationship between Grover and BharatPe dates back to February 2022. Following his resignation in March of that year, Grover made serious allegations against various stakeholders within the company, claiming that his ouster was orchestrated as part of a conspiracy.

During December 2022, BharatPe lodged a criminal complaint against Grover and his family, alleging fraud and seeking damages exceeding 88.67 crore.

Additionally, co-founders Bhavik Koladiya and Shashvat Nakrani filed their own complaints against Grover regarding share disputes in early 2023.

BharatPe also sought intervention from the Singapore International Arbitration Centre (SICA) to transfer Grover’s restricted shares to co-founder Shashvat Nakrani for a payment of 33.02 lakh. Following this, the Delhi Police Economic Offences Wing (EOW) filed a first information report (FIR) against Grover and his family members for alleged misappropriation of company funds.

BharatPe is a renowned fintech unicorn which has revolutionized Indian market and introduced the concept of online safe transaction through UPI in India. The recent settlement marks a significant turning point, especially given the nature of the allegations made by BharatPe. Notably, in May, BharatPe also resolved all legal disputes with PhonePe regarding the use of the trademark with the suffix 'Pe'.