Bhavik Koladiya sues Ashneer Grover to reclaim shares
As of today, Ashneer holds shares worth over Rs 1000 crore for Koladiya. The defendants in the case also include BharatPe.
Former Co-founder, Bhavik Koladiya filed a lawsuit against Ashneer Grover in the Delhi High Court in a bid to reclaim his shares. The dispute was first reported last year.
The matter has been listed in court, and the court will hear it on Wednesday, January 18, a report by Mint said.
The defendants in the case also include BharatPe.
YourStory has not been able to independently verify this report.
This news follows seven months since Bhavik's departure from the fintech firm.
Till date, Ashneer holds shares worth over Rs 1000 crore for Bhavik.
Leading up to the dispute
In 2017, Bhavik Koladiya and Shashvat Nakrani founded fintech firm BharatPe. Ashneer joined the company as the a Co-founder in 2018 and received 32% equity.
At the time, Shashvat held 25.5%, and Bhavik remained the largest shareholder with a 42.5% stake, as per regulatory filings.
In August last year, Koladiya left the company owing to his past conviction for credit card fraud in the US. Soon after, Ashneer became the face of the company and Bhavik continued to serve as the tech backbone for the company as a consultant.
BharatPe reported a total loss of Rs 5,594 crore for FY22 due to a change in the fair value of its compulsorily convertible preference shares. Its operating loss tripled to Rs 811 crore in FY22, compared to Rs 277 crore in FY21.
In 2021, BharatPe received last round of debt funding round of Rs 100 crore from MAS Financial Services.
Edited by Akanksha Sarma