BharatPe founder Bhavik Koladiya quits months after Ashneer Grover’s exit

• BharatPe’s founder Bhavik Koladiya has resigned from his position at the fintech company.
• He wants to spend time on assignments outside of BharatPe, the company said.
• The development comes a few months after Asheer Grover was stripped of his co-founder title.

BharatPe’s founder Bhavik Koladiya has resigned from his position at the fintech company, a few months after Ashneer Grover’s exit. The four-year-old company has confirmed the development, saying Koladiya has been associated with BharatPe as an ‘independent consultant’.

“Bhavik Koladiya has been associated with BharatPe as an independent consultant, guiding our product and technology teams. His contract tenure ended on July 31, 2022, and he expressed his desire to spend time on other assignments outside BharatPe,” BharatPe told Business Insider.

BharatPe seeking settlement with Ashneer Grover?

According to a Mint report, Koladiya’s departure is due to a disagreement between him and the company. The newspaper also said that Koladiya did not see eye to eye with BharatPe’s CEO Suhail Sameer. The company is seeking a settlement with Ashneer Grover, the report added. Business Insider could not independently verify these claims.

“Bhavik has been one of our biggest advocates and has been an integral part of our journey in becoming one of India’s largest fintech companies. While we wish him the very best, we are also sure that he will continue to guide us in the future as well, as and when we need,” BharatPe has said, in its statement.

Koladiya added, “I have been relentlessly at it for five years. I want to focus on balancing my work and family. I am a zero to one guy who likes to keep innovating with new ideas. From the day I and Shashvat founded BharatPe, we have always believed and worked towards making BharatPe into a movement that will outlive and outgrow our own ambitions.”

Ashneer Grover resigned in March this year

Earlier this year, Ashneer Grover and his wife Madhuri Jain had also exited front he company. While Madhuri Jain was terminated over allegations of misappropriation of funds, Grover resigned a few weeks later on March 1 from his position as the managing director.

Grover was later stripped of the co-founder title too. The company was founded by Bhavik Koladiya and Shashvat Nakrani in 2018. Grover was the first investor in the company who later joined in as the co-founder and CEO.

Grover had accused the company of leveraging his personal network to scale up their payments business and later treating him in a “the most disgraceful manner”.

The issue behind BharatPe and Grover started with a leaked audio, where Grover was allegedly heard hurling abuses at a Kotak Mahindra employee for not being able to finance Nykaa’s IPO allotment for him and his wife Madhuri Jain. This controversy triggered off a chain of events that led to Grover’s resignation from BharatPe.

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