Dispute over Bhavik Koladiya’s stake in BharatPe

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Dispute over Bhavik Koladiya’s stake in BharatPe
08 Mar 2022
7 min read
TWN In-Focus

News Synopsis

Disputes at BharatPe, one of the biggest fintech companies of India don't seem to subside anytime soon. The scuffle between its Co founder Ashneer Grover and the company’s board was going on for a long time and it ended with the former resigning from its own founded company. Ashneer and his wife Madhur Jain was accused of misappropriation of the company’s fund and financial irregularities. The Shark Tank Judge first landed in controversy when a call recording of him and an employee of Kotak Mahindra Bank went viral in the month of January. Now according to the sources a fresh batte is brewing in the company between Ashneer and the Board over another Co-founder Bhavik Koladiya’s Stake in the company. Bhavik Koladiya was convicted in a credit card scam in the United States. After the conviction, his stake was split between Ashneer and Mr. Nakrani. Currently, Ashneer holds 8.5% of the stake in BharatPe while Bhavik Koladiya around 4%. Sequoia Capital has nearly 19.6 per cent stake, Coatue has 12.4 per cent stake, Ribbit Capital has 11 per cent, and Beenext 9.6 per cent stake, among others. Ashneer’s wife Madhuri Jain was also terminated from the company prior to his resignation.

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