In a significant development, Ashneer Grover, co-founder and former managing director of BharatPe, has officially severed all ties with the fintech company following a long-standing dispute. Grover confirmed the settlement, stating that he would no longer be associated with BharatPe in any capacity and would also exit the companys capital structure.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 companys growth and success, said Grover in a statement through his official X handle. He added that his remaining shares would be managed by his Family Trust, and both parties have agreed to drop all legal cases against each other.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 companys growth andsuccess. I will no longer be associated with… pic.twitter.com/gB3Pla5qQZ— Ashneer Grover (@Ashneer_Grover) September 30, 2024End of a dispute-filled eraThis settlement marks the end of a prolonged legal battle and public fallout between Grover and BharatPe. Tensions between the two parties began after Grover was ousted from his leadership position in 2022, following allegations of financial misconduct. Both sides have been embroiled in lawsuits and legal wrangling ever since.Under the terms of the settlement, Grovers shares in BharatPe will be partially transferred to the Resilient Growth Trust, a fund set up for the benefit of BharatPe. His remaining shares will continue to be managed by his Family Trust. BharatPe also expressed optimism for the future, wishing Grover well in his endeavors.BharatPes focus on growthA BharatPe spokesperson, as quoted by Moneycontrol, acknowledged the finalization of the settlement and reiterated the companys commitment to growth and profitability. We wish Mr. Grover well. BharatPe continues to focus on delivering industry-leading solutions to its merchants and customers, driving growth with profitability, the spokesperson said.The resolution of this high-profile dispute comes at a pivotal time for BharatPe, as the company continues to expand its merchant services and fintech offerings. With the legal matters now settled, BharatPe is expected to strengthen its leadership and refocus on its business goals.
