Ashneer Grover, the co-founder and managing director of the fintech startup BharatPe, received a salary of Rs. 1.69 crore from the company in FY22, according to MoneyControl. BharatPe paid its former head of control Madhuri Jain Grover, who is also Ashneer’s wife, Rs 63 lakhs, according to the company’s financial statement submitted to the Registrar of Companies (RoC).
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Ashneer Grover and BharatPe are currently engaged in court proceedings. They claim that Ashneer and his family stole 88.6 crore rupees worth of company funds.
Grover, on the other hand, has expressed concern regarding the Rs 315 crore in ESOPs (Employee Stock Ownership Plans) that BharatPe’s executive team received in FY22.
He claims that four important members of the company’s management team—Chairman Rajnish Kumar, Founder Shashvat Nakrani, Former CEO Suhail Sameer, and General Counsel Sumeet Singh—received the majority of the ESOPs.
Suhail Sameer, the former CEO of BhartPe, received Rs 2.1 crore in salary in FY22. Shashvat Nakrani received Rs 29.8 lakhs, while BharatPe board member Rajnish Kumar received Rs 21.4 lakhs.
However, these figures do not account for the company’s stock payments to these people. According to the report, the company’s stock-based payment expenses increased by 218 percent from the prior fiscal year to Rs 70 crore in FY22.
Additionally, according to the company’s financial statements, BharatPe lost Rs 5,610.7 crore in FY22 as a result of a one-time non-cash expense related to a change in the fair value of its mandatory convertible preference shares (CCPS). In FY21, BharatPe reported a net loss of Rs 1,619.2 crore.
From Rs 227.3 crore the previous fiscal year to Rs 828.2 crore in FY22, the company’s adjusted loss increased 2.2 times. The cost of CCPS was not the cause of this growth. Because we have changed the compulsorily convertible preference shares from liability to equity, the company had earlier this month stated that the CCPS-related item is a “one-off” and won’t be present starting in 2019.
Due to a significant increase in payments for loan disbursals, the company’s operational revenue increased by 3.8 times to Rs 456.8 crore from Rs 119 crore in FY21.