In the fiscal year 2022, the co-founder and managing director of the fintech platform BharatPe, Ashneer Grover, received a salary of 1.69 crores, and his wife, Madhuri Jain Grover, who previously held the position of head of controls at the company, earned 63 lakhs.
Currently, BharatPe is involved in a legal dispute with Ashneer Grover, as the company has filed a lawsuit against him and his family for allegedly misusing company funds worth 88.6 crores.
According to the financial statement filed with the Registrar of Companies (RoC), BharatPe’s former CEO, Suhail Sameer, received a salary of 2.1 crores for the fiscal year 2022.
Rajnish Kumar, the Chairman of BharatPe, earned 21.4 lakhs, and the company’s board member, Shashvat Nakrani, received 29.8 lakhs as per the financial statement filed with the Registrar of Companies (RoC)
MoneyControl was the first to report on the compensation received by top executives at BharatPe, which does not include stock-based payments. The company reported a 218% increase in stock-based payment expenses for the fiscal year 2022, totaling Rs 70 crore.
Additionally, BharatPe incurred significant losses in the financial year 2021-2022, amounting to Rs 5,610.7 crore. This was due to a one-time non-cash expense related to the change in the fair value of compulsory convertible preference shares (CCPS).
In the previous fiscal year FY21, BharatPe had posted a net loss of Rs 1,619.2 crore. Furthermore, when taking the CCPS cost out of the equation, the company’s adjusted loss for FY22 grew 2.2 times to Rs 828.2 crore, compared to Rs 227.3 crore in the previous fiscal year, as reported in its financial statement filed with the Registrar of Company (RoC).
In response to the financial results, earlier this month, BharatPe clarified that the CCPS-related item is a “one-off and shall not be there from next year.” The company has explained that they have reclassified the compulsorily convertible preference shares from liability to equity, which means that this expense will not be incurred again in the future.
Despite the losses, BharatPe’s revenue from operations saw a significant increase of 3.8 times, going from Rs 119 crore in FY21 to Rs 456.8 crore in FY22. This growth is attributed to a surge in payment volumes on loan disbursals. BharatPe, founded in 2018, currently serves 1 crore merchants across more than 400 cities in India.