Fintech company BharatPe has officially resolved its long-standing dispute with former co-founder and managing director Ashneer Grover. In a statement, BharatPe announced that both parties have come to a conclusive agreement, marking an end to the ongoing conflict. As part of the settlement, Grover will no longer have any association with BharatPe or hold any shares in the company.
Under the terms of the agreement, a portion of Grover’s shares will be transferred to the Resilient Growth Trust for the benefit of BharatPe, while the remaining shares will be managed by his family trust. Additionally, all legal cases filed by both parties will be withdrawn, signaling a peaceful resolution to their legal battles.
Confirming the settlement, Grover expressed his support for the company’s future. “I have reached a conclusive agreement with BharatPe. I have confidence in the management and board, who are leading BharatPe in the right direction. I am committed to the company’s growth and success,” Grover stated.
A Tumultuous Journey
The conflict between Grover and BharatPe began in February 2022, after Grover stepped down from his position in March of that year, following serious allegations he made against the company’s stakeholders. Grover had accused them of conspiring against him. In December 2022, BharatPe responded by filing a criminal complaint against Grover and his family, accusing them of fraud and seeking damages exceeding Rs 88.67 crore.
Further legal complications arose when BharatPe co-founders Bhavik Koladiya and Shashvat Nakrani filed separate complaints against Grover regarding a share dispute. BharatPe also sought arbitration from the Singapore International Arbitration Centre (SIAC) to transfer Grover’s restricted shares to Nakrani, valued at Rs 33.02 lakh.
In May 2023, BharatPe also resolved another significant legal dispute, this time with PhonePe, over the use of the ‘Pe’ suffix in their trademark.
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Ashneer Grover’s New Ventures
Following his departure from BharatPe, Grover has ventured into new business endeavors under the brand “Third Unicorn,” co-founded alongside his wife Madhuri Jain Grover and Chandigarh-based entrepreneur Aseem Ghavri. The company’s first product, CrickPe, is a cricket-focused fantasy sports app that allows users to compete in contests and win cash prizes, positioning itself as a competitor to industry giants such as Dream11 and Mobile Premier League (MPL).
Grover’s second venture, ZeroPe, is a fintech app offering loans for medical payments and healthcare needs. In partnership with Non-Banking Financial Company (NBFC) Mukut Finvest, ZeroPe provides pre-approved medical loans of up to Rs 5 lakh, aiming to address healthcare financing needs across affiliated hospitals and medical centers.
With his new ventures gaining traction, Grover’s entrepreneurial journey continues to evolve, even as his chapter with BharatPe closes.
