“As part of the settlement, Grover will not be associated with BharatPe in any capacity and will not be part of the shareholding of the company,” the company said.
Grover’s shares will be transferred to a family trust, according to the release. Even if part of its shares will be transferred to Resilient Growth Trustthe remaining stake will be managed by his family trust, the company added.
“I have reached a landmark settlement with BharatPe. I have confidence in the management and board of directors, who are doing an excellent job of moving BharatPe in the right direction. I continue to remain aligned on growth and success of the company. I will no longer be associated with BharatPe in any capacity, nor be part of the capital table,” Grover said in a statement.Read also | The story so far: How BharatPe’s ‘shark’ Ashneer Grover tanked
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ETtechBharatPe was entangled in a battle with Grover since 2022, escalating into allegations of embezzlement against co-founder and his wife Madhuri Jain. This further led to a series of lawsuits filed by the company against Grover. According to Tracxn data as of the end of 2023, Peak % in fintech. The founders together hold a 15.5% stake.
“Both parties have decided not to pursue further proceedings. We wish Grover good luck. BharatPe continues to focus on providing industry-leading solutions to its merchants and customers, driving growth and profitability,” the statement said.
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