Former BharatPe Founder Loses Rs 100 Crore In Stocks; Looking To Salvage His 8.5% Stakes Now

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The ongoing debacle with BharatPe took a wrong turn for former founder Ashneer Grover yesterday night as he lost a whopping Rs 100 Crores in stocks, following his rather unpleasant departure from the fintech unicorn. According to a source, Bhavik Koladiya split his share holdings between Ashneer and Shashvat Nakrani (another cofounder). Koladiya held over 30 percent stake in BharatPe until it was diluted when the company received more fundings. The source revealed that before Sequoia Capital’s investments (which currently holds 19.6 percent stake in the company), Koladiya had his stakes split between two co-founders. There happens to be an email convo too on this matter. Koladiya is currently consulting his attorneys regarding the matter.

What is the Koladiya angle here?

Bhavik Koladiya aka ‘Bob Patel’ used to operate ‘Atwood Express’ to do his shady purchases via stolen identities to open credit card accounts in various US banks. He brought merchandise including diamonds with these fraudulent accounts. Koladiya was convicted of credit card fraud in the US in 2015. His stake was ultimately shared between Ashneer and Nakrani. However there was an agreement between Nakrani and Koladiya as well. The Koladiya angle came to foray when Ashneer Grover’s wife Madhuri Jain was sacked by BharatPe over charges of financial fraud. Madhuri later posted a video (which she later took down) on twitter, of an office party with Suhail Sameer (CEO BharatPe) was seen with Koladiya.

The board supposedly is not gonna intervene between Koladiya and Ashneer, even as Ashneer’s 8.5 percent company holdings is still ‘at stake’. According to the Shareholders Agreement (SHA) the board can claw forfeit Ashneer’s stakes following his resignation without the consent of the board and majority stakeholders.

Ashneer Grover is known for his fiery stint in a massively popular investors series. In January 2022 he was recognized as one amongst Top 30 Indian Fintech Influencers in 2022.

SEE ALSO: ‘BharatPe’ Co-Founder Shashvat Nakrani Slams Ashneer Grover For Creating A False Narrative; Says “Board Acted Decisively”

SEE ALSO: Ashneer Grover Credit Card Is Here To Ask “Bhai Kya Kar Raha Hai Tu?” Before You Spend Your Money

Cover Image: Sourced



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