Fintech platform BharatPe paid a salary of Rs 1.69 crore to its Co-founder and managing director Ashneer Grover in FY22, while his wife Madhuri Jain Grover who was former head of controls at the company took home Rs 63 lakhs.
New Delhi, Jan 28,2023: Fintech platform BharatPe paid a salary of Rs 1.69 crore to its Co-founder and managing director Ashneer Grover in FY22, while his wife Madhuri Jain Grover who was former head of controls at the company took home Rs 63 lakhs.
Currently, the company is involved in a legal battle with Ashneer, after suing him and his family for allegedly siphoning off company funds worth Rs 88.6 crore.
According to its financial statement filed with the Registrar of Company (RoC), its former CEO Suhail Sameer took home Rs 2.1 crore in FY22.
Rajnish Kumar, BharatPe Chairman, received Rs 21.4 lakhs, while BharatPe board member Shashvat Nakrani was paid Rs 29.8 lakhs.
However, these remunerations do not take stock payments into account as the company incurred Rs 70 crore worth stock-based payment expenses in FY22, up 218 per cent (YoY).
MoneyControl was first to report about the remunerations to top BharatPe executives.
Meanwhile, BharatPe suffered huge losses to the tune of Rs 5,610.7 crore in the financial year 2021-22, due to a one-time non-cash expense related to change in fair value of compulsory convertible preference shares (CCPS).
In FY21, the company had posted a net loss of Rs 1,619.2 crore.
Apart from the CCPS cost, the company’s adjusted loss grew 2.2 times to Rs 828.2 crore in FY22, from Rs 227.3 crore in the earlier fiscal year, according to its financial statement with the Registrar of Company (RoC).
Earlier this month, the company had clarified that the CCPS-related item is a “one-off and shall not be there from next year as we have now reclassified the compulsorily convertible preference shares from liability to equity”.
Meanwhile, its revenue from operations went up 3.8 times to Rs 456.8 crore from Rs 119 crore in FY21, owing to a surge in payments volumes on loan disbursals.
Founded in 2018, BharatPe is currently serving 1 crore merchants across more than 400 cities.