Fintech company BharatPe and former co-founder Ashneer Grover on Monday said the two sides have reached a settlement, ending an acrimonious legal and public dispute that stretched for more than two years.

As part of the settlement, Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company, a statement from BharatPe said.

“Certain shares of Mr. Grover shall be transferred to the Resilient Growth trust for the benefit of the company and his remaining shares will be managed by his family trust. Both parties have decided not to pursue the cases filed. We wish Mr Grover well,” the statement said, adding the company continues to focus on driving growth and profitability.

Grover in a post on X said, “I have reached a decisive settlement with BharatPe. I repose my faith in the management and board, who are doing great work in taking BharatPe forward in the right direction. I continue to remain aligned with the company’s growth and success. I will no longer be associated with BharatPe in any capacity, nor be part of the capital table.”

Grover, who had previously accused the BharatPe board of mismanagement, ended the post with “Peace!”

Data from Tracxn shows Peak XV owned 18.7 per cent in BharatPe at the end of March. Coatue owned 13.7 per cent and Ribbit Capital owned 10.7 per cent. The founders have a 15.5 per cent stake, which includes Grover’s holding of 8.43 per cent.

The settlement comes days after the Economic Offences Wing (EOW) of the Delhi Police arrested Grover’s brother-in-law Deepak Gupta on charges of misappropriation of fintech’s funds.

Earlier in August, the EOW had arrested Amit Kumar Bansal on the allegation of being one of the members of non-existing firms that had received payments of ₹72 crore from the then directors of BharatPe between 2019 and 2021.

Founded in 2018, BharatPe got entangled in a controversy between its founders in 2022, which spiralled into accusations of misappropriation of funds resulting in a series of legal battles between the company and Grover.

Grover had to go on leave in January 2022 following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices, which he denied.

BharatPe had roped in SAM, Alvarez and Marsal (A&M) and PwC for governance review in February 2022.

In a report by A&M, it was alleged that Grover’s wife Madhuri Jain Grover and her family members were involved in financial irregularities.

With inputs from PTI