BharatPe and Ashneer Grover make peace
The fintech startup won’t be filing criminal charges against its ousted co-founder, who won’t contest a clawback of unvested shares.
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Editor's note: BharatPe’s board of directors has settled its fight with ousted co-founder and former managing director Ashneer Grover, according to two people with direct knowledge of the development. The fintech startup will not press criminal charges against Grover over alleged malpractices, says one of the two people, both of whom asked not to be named; Grover, in turn, seems not to be contesting the company’s move to claw back shares that had yet to vest. In a statement on 10 May 2022, BharatPe, along with announcing a slew of measures to enhance governance standards, said that it “has initiated necessary action against the former Founder to claw back his restricted shares as per the shareholders' agreement”. Grover owned an 8.5% stake in BharatPe; this included a 1.4% stake in the form of restricted shares that were yet to vest. The unvested shares have not been allowed to vest. Going by the company’s valuation of $2.8 billion in August 2021, when it last raised equity capital, Grover’s remaining 7.1% stake would be worth around $200 million. “This is to confirm that there …
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