BharatPe News

Former SBI Chairman Rajnish Kumar now earns a remuneration three times higher than his previous salary at India’s largest lender. Currently serving as Chairman of the Board at Indian fintech company BharatPe, Kumar also holds board positions at Hero MotoCorp, LTIMindtree, Ambuja Cements, Brookfield India Real Estate Trust, and Larsen & Toubro. His total remuneration from three of these firms in fiscal 2023 amounted to Rs 89 lakh.  

The NCLT order from October 14, 2024, acknowledged that while the petition was still pending, the parties involved had reached a settlement.

The company's average merchant lending portfolio from loans originating through its platform grew by 40 per cent year-on-year (FY24 vs FY23).

The Fintech company said that as part of the settlement, Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company. Certain shares of Grover shall be transferred to the Resilient Growth Trust for the benefit of the Company and his remaining shares will be managed by his family trust. 

The arrest of Deepak Gupta is a major development in the ongoing legal battle between BharatPe and Ashneer Grover.

In its plea filed before the Delhi High Court, the fintech company alleged that Grover disclosed confidential information relating to BharatPe on social media platforms, in violation of the employment agreement.

Both organisations will also undertake to carry out other necessary steps to comply with the obligations under the settlement agreement in respect of all cases before the Delhi and Bombay High Courts. 

The company said that it plans to launch the product in 100+ cities in the first phase. It will further scale it to 450+ cities over the course of the next 6 months.

Under him as an interim CEO and CFO, BharatPe recorded 182 per cent increase in revenue from operations in FY23 and clocked October as the first EBITDA positive month.

Grover, along with his wife Madhuri Jain Grover and entrepreneur Aseem Ghavri from Chandigarh, founded Third Unicorn in January 2023.

The Delhi High court directed that tweets and posts made by Ashneer and his wife Madhuri Jain Grover “should be taken down within 48 hours”.

The notice also queries findings from a status report submitted by the Delhi Police's Economic Offences Wing.

BharatPe's former MD Ashneer Grover's wife Madhuri Jain Grover was the head of controls at BharatPe and was fired in 2022 after a forensic audit revealed several irregularities. 

In October, it facilitated loans exceeding Rs 640 crore for its merchants in partnership with its NBFC partners, a spike of 36 per cent year-on-year.

The summons comes in the wake of an incident where Grover claimed to have been stopped at Delhi airport on Thursday, preventing him and his wife from traveling to New York for a vacation.

Nishant, who is an IIM-B alumnus with two decades of experience, has an impressive record of propelling Indian startups like BharatPe and Zomato towards growth.

Powered by Android 10 operating system, the new device has a 5.5-inch HD touch screen and a long-lasting battery, supports fast charging, and is compatible with 4G and Wi-Fi for better connectivity.

On social media, the tweet soon gathered attention as many individuals expressed their agreement or disagreement with Grover's point of view.

He will lead the P&L for BharatSwipe, the company's POS business as well as the rollout of BharatPe Speaker across markets, plus he will be leading the partnership with Unity Bank as well as the NBFC partners of BharatPe.

The FIR, which was registered on the basis of a complaint filed by the company BharatPe, also mentions the name of his wife Madhuri Jain Grover, and three relatives -- Deepak Gupta, Suresh Jain and Shwetank Jain.