“You should not file any lawsuit against a shareholder. We are looking for a settlement with Ashneer,” the person aware of the discussion between Koladiya and the company added, requesting anonymity. Following the conversation, Koladiya decided to end his ties with BharatPe, the person said.
BharatPe’s co-founder Bhavik Koladiya has ended his association with the company citing disagreements with the fintech firm’s management, sources said.
Koladiya, who ran the product and technology operations of BharatPe and formally operated as a consultant on BharatPe’s records, severed his association with the company in the last week of June “due to disagreements with the company’s CEO (Suhail Sameer),” one of the sources said, requesting anonymity.
Soon after the exit of BharatPe’s other co-founder and managing director, Ashneer Grover, in March, after a three-month-long public spat with the board, Koladiya decided to pursue “criminal action against Ashneer to get back his shares (which Grover was holding on Koladiya’s behalf). The company’s investors also assured support to Koladiya from the outside.”
But just a week before he was to approach a Delhi court, Koladiya was asked not to pursue the case against Grover, the person said, “because a settlement was being discussed” with the estranged managing director. Grover was asked to leave the company over allegations of financial irregularities.
“You should not file any lawsuit against a shareholder. We are looking for a settlement with Ashneer,” the person aware of the discussion between Koladiya and the company added, requesting anonymity. Following the conversation, Koladiya decided to end his ties with BharatPe, the person said. “Disagreements with Suhail aside, Bhavik already made up his mind to focus on building something outside BharatPe,” the second person said, also requesting anonymity.
“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. 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 he will continue to guide us in future as well,” a BharatPe spokesperson said.
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