BENGALURU: Fintech firm BharatPe’s former MD Ashneer Grover has tendered an apology before the Delhi High Court for his social media posts against the firm. The HC has directed him to pay Rs 2 lakh fine.
It is said that Grover tendered a written affidavit containing an unconditional apology and an undertaking to refrain from making any further ‘defamatory posts’ against BharatPe.
Also, the judge said the HC was appalled to see Grover’s conduct and persistent violation of its previous orders. In his recent social media post, Grover disclosed information about equity allocation and secondary components undertaken by the fintech firm in Series E funding round, led by Tiger Global.
Last week, BharatPe’s parent company Resilient Innovations filed a fresh case in the HC against Grover seeking an interim injunction to restrain him from disclosing confidential information of the company. Earlier in May, the court had asked both Grover and BharatPe not to use defamatory language against each other.
Meanwhile, BharatPe has announced that it turned EBITDA positive in October. Its annualised revenue has surged over Rs 1,500 crore, a growth of 31% from FY23. The company has also significantly cut down its EBITDA burn, which was averaging at Rs 60 crore per month in FY23, to attain EBITDA positive It is also seeing growth in its lending vertical. In October, it facilitated loans exceeding Rs 640 crore for its merchants in partnership with its NBFC partners.