Now, there seems to be early signs of tension brewing over it, these people said. Given the straining of relations between Grover and Koladiya it will be a complex situation on how Koladiya’s stake can be transferred to him, two people who were aware of the previous arrangements said.
“Before Sequoia Capital came into the picture, Koladiya’s stake was split between the other two founders to take him off the cap table. There was an email conversation on the matter as well,” a person close to the development said, adding it is likely there would have been an agreement between the two.
Separately two other people ET spoke to said that, as far as Grover is concerned, there is no stake or employee stock ownership plan (ESOP), which Koladiya has been granted in the company.
Grover has been on the forefront of all major fund raises at the company which was last valued at $2.8 billion in 2021. Last year, Grover, while moving to the role of managing director in BharatPe continued to lead fundraising efforts at BharatPe.
Meanwhile, Koladiya is also consulting with lawyers on the matter as relations between him and Grover have worsened as was evident in a leaked phone conversation between the two.
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“Given the way things have panned out in the last week or so, there will be more conflict-related to Koladiya’s stake in the firm and the previous agreements. Roughly, of the 8.5-9.5% current stake of Grover, Koladiya would be around 4%. There was a similar agreement between Kodaliya and Nakrani as well,” this person added. Sources aware of Grover’s thinking recently also added the ousted founder will not easily give up on his stake in the company after his unceremonious exit on March 1.
All said, it is not fully clear how much stake Koladiya actually owns in the company currently. The range being given by sources quoted above is based on estimates.
When contacted, Grover, Koladiya and BharatPe declined to comment on the issue of shareholding. However, BharatPe told ET that Koladiya is an independent consultant and does not have any direct management role in the company. ‘He acts as a mentor for the technology and product teams.’
Single largest shareholder?
In a recent interaction with Economic Times on March 1, Grover had told ET that with his 8.5% stake, he continues to be the single largest individual shareholder in BharatPe.
He also said that he has no plans of fighting the company in court, and as far as he is concerned BharatPe is a ‘closed chapter’ for him.
“Why should I fight these people in court? I am very clear that I will build my next big thing and it will be 100% owned by Ashneer Grover. … I will continue to be the single largest shareholder in BharatPe,” said Grover in an interaction with ET.
In an explosive interview, Grover, however, warned that if they (BharatPe board and management) “came after” him, he would respond in kind.
Grover
also lost Rs 100 crore in management stocks, which he was set to receive, due to his resignation on March 1. ET also reported on March 4 that BharatPe was looking to clawback his restricted shares in the company, in line with the company’s Article of Association (AoA).
The Grover Koladiya spat
The spat between the duo first came to the fore, when Grover had written to BharatPe’s board on February 22, informing members of a ‘expletive-laden’ communication between himself and group product head, Koladiya.
According to Grover’s letter on February 22, Grover had received calls from Koladiya in the presence of board chairman Kumar for a possible meeting.
During the conversation, Koladiya invited Grover over to Kumar’s residence in Gurugram. But, Grover declined, asking Kumar and Koladiya to come meet in Delhi instead. Further, Koladiya did not put forth the agenda of the meeting, when asked by Grover. The phone conversation between the duo soon escalated into an argument.
Grover’s wife and BharatPe controller, Madhuri Jain had posted the audio clip about the alleged conversation on Twitter. She deleted the clip earlier this week.
Grover, soon after the controversy which has its roots in a leaked audio clip between him and Kotak Mahindra Bank employee has found himself cornered and alone, several people who are aware of the dynamics said. Grover also hinted on the same in his resignation letter to the board at midnight of Tuesday.
“He has been totally cornered in this episode and now he has publicly called out CEO Suhail Sameer, Koladiya as well as board chairman Rajnish Kumar. There is a chance of this going to Indian courts but it hasn’t been finalised yet,” this person added. As reported on February 4, Grover had sought to remove Sameer from BharatPe board as director. A day later, Nakrani issued a statement backing Sameer’s presence on the board, indicating his allegiance on the matter.
ET had reported on February 22 that Grover has sought indemnity in earlier negotiations with the company. In the statement issued by BharatPe, the company said it reserved the rights to take legal action against him.
Sources also said that Grover and his legal team is exploring all the options on the table on the way forward including a potential settlement. However, Grover had to resign, with the company making further allegation of ‘misappropriation of funds’ by Grover and family – further souring the relationship between both sides.
