In an endless boardroom battle, the latest clash is between Bhavik Koladia and Ashneer Grover – over Koladia’s stake in the company. This is an issue that BharatPe shareholders will have to resolve, as the company’s board is unlikely to intervene in the matter.
Sources close to the development told ET that Koladia is believed to have split its stake between Ashneer and another co-founder, Shashwat Nakrani. As of about 2018, Colladia held more than 30 percent stake in the company, but this was diluted as the fintech company received more funding.
Currently, the company’s major investors are Sequoia Capital, which holds approximately 19.6 percent, Coatue holds 12.4 percent, Ribbit Capital holds 11 percent, and Benext holds 9.6 percent.
The Curious Case of Colladia’s Stake
“Prior to the arrival of Sequoia Capital, Colladia’s stake was split between the other two founders to remove them from the cap table. The matter was also discussed over an email.
Meanwhile, Koladia is also consulting lawyers in the matter as the relationship between him and Grover has deteriorated, as was evident from a leaked phone conversation between the two.
“Given the way things have unfolded over the past week, there will be more conflicts related to Colladia’s stake in the firm and past agreements. Roughly out of Grover’s current 8.5-9.5 per cent stake, Koladia will hold around 4 per cent. A similar agreement was also signed between Koladia and Nakrani.
Koladia’s LinkedIn profile now reads Bharatpe, which has no official name.
In 2015, Colladia was indicted in a credit card fraud case in the US. According to the US Department of Justice, District Judge Mark Hornack sentenced Bhavikkumar H. Koladia alias “Bob Patel” of Monroeville, Pennsylvania.
Colladia, the operator of the “Atwood Express” in Oakland, stole the identities of other individuals he used to open credit card accounts at US Bank, Chase Bank, Discover Card, and others, and then purchased goods including diamonds with the stolen items. Credit Card.
In the end, his stake in Bharatpe was divided between Ashneer and Nakrani. Sources said Ashneer holds 8.5 per cent stake in the company and Colladia will hold around 4 per cent of this figure. A similar agreement was signed between Koladia and Nakarani.
How did Koladia Angle come into limelight?
The tension between Grover and Koladia first came into limelight when Grover wrote to BharatPe’s board on February 22, informing the members about the phone conversations he had with Koladia. In the letter, Grover said that he had received calls from Koladia in the presence of board chairman Rajnish Kumar for a possible meeting.
Koladia joined the Ashneer-BharatPe saga when Ashneer’s wife Madhuri Jain Grover, the former controlling head at BharatPe who was sacked on charges of financial fraud, escalated the fight via social media. He posted a video clip of an office party on Twitter in which BharatPe CEO Suhail Sameer and Koladia were seen. However, Jain later took down his tweet posted on the microblogging site.
read all breaking news, today’s fresh news And Assembly Election Live Updates Here.