Little do people know about the self-made Billionaire Shashvat Nakrani? The unicorn fintech BharatPe enjoys the face of Ashneer Grover but Shashvat was the original founder of the goliath enterprise. His birthplace is Bhavnagar, Gujarat. Born in 1998 he is one of the youngest to take a company to a unicorn spot. He co-founded BharatPe while he was a bachelor’s student at the Indian Institute of Technology, Delhi, majoring in textile technology.
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Shashvat Nakrani Net worth, Salary and angel investor
His stake in BharatPe is 7.8 percent. There are estimates that put his net worth at over 1000 crores, and his assets at over 1700 crores. Shashvat accomplished so much at such a young age that adults twice his age would be shocked. With his position on the board, he receives a salary of 29.8 lakh rupees. Aside from that, he’s an angel investor with more than a dozen deals under his belt. Crib, Deserv, and other statups make up his fifteen investments.
|Date Of Birth
|Bachelor’s Indian Institute of Technology, Delhi
|Youngest Fintech Co- Founder
Youngest Billionaire in IIFL Wealth Hurun India Rich List 2021
BharatPe Won National Startup Award In 2020 for Fintech
|Ashneer Grover and BharatPe Split
BharatPe performance under Shashvat Nakrani
He rode the company to a unicorn valuation of over $3 billion, taking it from a 550 million enterprise. Questions concerning the company’s enormous losses surrounded BharatPe’s recent performance. Despite this, the financial statistics for the year 2023 are encouraging under Shashvat’s leadership. From 321 crores in FY22 to 904 crores in FY23, it increased by 182%. The post-tax loss has dropped from 5594 crores to 886 crores. The number of loans that the company has helped with has increased by 129%.
SUE-PERNOVA battle with Ashneer Grover
The Grovers’ reported departure from BharatPe was prompted, in large part, by financial irregularities that BharatPe allegedly discovered. In early 2022, BharatPe accused charges of financial mismanagement and misconduct. The enterprise fired Madhuri Jain in February and her husband Ashneer left in March of 2022. The finance start-up BharatPe filed a defamation suit against them but the court gave it little attention and ultimately decided not to grant any redress. The case was valued at 88.7 INR. In its appeal, BharatPe has also requested information about Madhuri Jain Grover’s and Ashneer Grover’s bank accounts and assets. The Grovers’ legal team responded to the application’s admission by telling the court that their client is not required to provide financial documents or other information on their assets unless the court issues a judgement mandating their submission.
Ashneer Grover pays fine
While the Grovers were requesting access to BharatPe’s audit reports, the court ordered the corporation to reply. The claims were responded to by Ashneer, who stated that all GST transactions at the financial firm BharatPe were known to the finance and legal teams. Additionally, he filed a perjury suit against Shashvat Nakrani, co-founder of BharatPe. Ashneer Grover, the estranged co-founder of BharatPe, apologised before the Delhi High Court for the social media statements in which he attacked his former company. After reviewing the case, Justice Rekha Palli found Grover’s behaviour to be “appalling” and fined him INR 200,000 for disobeying the court’s earlier order prohibiting the use of defamatory words by either side against the other.
The battle continues Between Shashvat Nakrani and Grover
Post that the original founders of BharatPe filed another lawsuit against Ashneer. Shashvat stated that Ashneer Grover purchased 3,192 shares from Bhavik Koladiya and him, cofounders of BharatPe, when he joined the business in 2018, three months after Ashneer submitted the statement. With 2,447 shares purchased from Nakrani and 745 from Koladiya, among others. It was agreed that Grover would pay Nakrani 24,470 and Koladiya 7,450 Indian rupees. But according to the lawsuit, Nakrani is claiming that Grover should return the shares because he did not pay for the transaction. The current value of one share, however, is an astounding 4 lakh INR.🔥85