The salary of top executives of BharatPe, including its founder Ashneer Grover and his wife Madhuri Jain Grover, has been revealed after a regulatory filing by the fintech startup. The ex-Shark Tank India judge earned Rs 1.69 crore in FY22 while his wife, who was BharatPe’s head of controls, took home a salary of Rs 63 lakh, according to Moneycontrol.
The filings showed that the former Chief Executive Officer (CEO) of BharatPe, Suhail Sameer, took home Rs 2.1 crore in FY22 and co-founder Shashvat Nakrani earned Rs 29.8 lakh during the same period. Board member Kewal Handa and chairman Rajnish Kumar, the former State Bank of India chief, were paid Rs 36 lakh and Rs 21.4 lakh, respectively, the report added.
The disclosed salaries of these executives, however, do not include the share-based payment made to them. According to the company’s financials, it spent Rs 70 crore in share-based payments in FY22, which was an increase of 218% from the previous year, the report stated.
BharatPe sacked Ashneer Grover and his wife last year in March for alleged financial irregularities. The founder had resigned from the company and its board days later. The fintech company, in December 2022, filed a criminal lawsuit against Ashneer Grover and his family seeking Rs 88.67 in damages. It accused the founder of cheating and embezzling funds.
Suhail Sameer stepped down as CEO of BharatPe earlier this month. A statement by BharatPe said that he will “transition from chief executive officer to strategic advisor effective January 7, 2023”. He said last year that BharatPe did not have enough money to pay salaries to its employees as Ashneer Grover stole all.
Last week, the Delhi High Court issued summons to Ashneer Grover on a suit by BharatPe’s co-founder Bhavik Koladiya who wants to reclaim the shares he transferred to Mr Grover.