BharatPe, the fintech firm, and its parent company, Resilient Innovations, have taken legal action against co-founder Ashneer Grover. The case, initiated in the Delhi High Court, alleges that Grover disclosed “confidential” information about the company during its Series E funding round. This revelation, made in a now-deleted post on X (formerly Twitter), pertained to details related to equity allocation and secondary components of the funding. Grover’s attorney submitted an apology, which was accepted.
In light of this legal action, BharatPe’s counsel argued that, despite Grover’s resignation in 2022, he still possesses “sensitive” information in violation of his employee agreement. Grover’s counsel argued that the disclosure of information was “necessary” due to an “avalanche of misinformation.” The case is scheduled for further hearings and adds to Resilient Innovations’ earlier civil suit against Grover, in which damages amounting to approximately Rs 81.3 crore are alleged.
In response to the legal developments, Grover took to Twitter to defend against allegations of fund misallocation. He also criticized media coverage and individuals involved in the dispute. His posts have since been deleted, including one where he mentioned being barred by the EOW at Delhi International Airport.
These legal actions and social media disclosures have drawn significant attention, prompting coverage from news outlets and social media channels. As the case continues, it remains to be seen how this dispute will unfold and its impact on the fintech industry.
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