Ashneer Grover schools Bhavik Koladiya on dignity after the BharatPe founder issues apology2 min read 01 Jun 2023, 02:10 PM IST
Bhavik Koladiya shared a YouTube clip, where the BharatPe founder could be heard abusing Ashneer Grover, who refused to meet with him in person.
Bhavik Koladiya apologised to Ashneer Grover for his earlier behaviour over the phone. The original founder of BharatPe shared a YouTube clip, where he could be heard abusing Grover who refused to meet with him in person. Koladiya can be heard abusing Ashneer Grover after that.
BharatPe witnessed a significant internal shakeup last year as co-founder Ashneer Grover was ousted from the company's board in March 2022. Allegations were made that Grover attempted to propagate a false narrative about the startup. Shashvat Nakrani, another co-founder, supported the decision taken by the board, emphasising that it was a swift and resolute action aimed at upholding principles of good corporate governance.
Founded in March 2018 by Nakrani and Koladiya, BharatPe initially maintained an equal ownership split between the two co-founders. However, in July 2018, Ashneer Grover joined the company as a third co-founder and board member. Subsequently, Grover acquired 3,192 shares, purchasing 2,447 shares from Nakrani and 745 shares from Koladiya, with each share valued at ₹10.
This share transfer resulted in a notable shift in the shareholding pattern of BharatPe. Koladiya's stake decreased to 42.5%, Grover held 31.9%, and Nakrani maintained ownership of 25.5%. As part of the transaction, Grover was obligated to pay ₹24,470 to Nakrani and ₹7,450 to Koladiya. However, a lawsuit has been filed by Nakrani, asserting that Grover has failed to fulfil his payment obligations. Consequently, Nakrani is seeking the return of his shares.
Following a stock split, the 2,447 shares acquired by Grover have now multiplied to 24,470 shares, each valued at approximately ₹4 lakh. The ousted co-founder, Grover, and the board are engaged in an intricate legal battle, with the outcome likely to shape the future trajectory of BharatPe and its leadership structure.