In FY22, Ashneer Grover, co-founder and managing director of fintech platform BharatPe, received a salary of Rs 1.69 crore, while his wife, Madhuri Jain Grover, former head of controls at the company, received a salary of 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.
CEO Suhail Sameer
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.
Chairman Rajnish Kumar
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).
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).
Net loss
In FY21, the company had posted a net loss of Rs 1,619.2 crore.
The company's adjusted loss increased 2.2 times to Rs 828.2 crore in FY22 from Rs 227.3 crore in the prior fiscal year, according to its financial statement filed with the Registrar of Companies. This growth was not due to the CCPS expense (RoC).
The company had stated earlier this month 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".
The company's operational revenue increased by 3.8 times to Rs 456.8 crore from Rs 119 crore in FY21 as a result of an increase in the volume of loan disbursement payments.
1 crore merchants in more than 400 locations are presently served by BharatPe, which was created in 2018.
