Fintech platform BharatPe on Thursday termed the allegations leveled by its former Managing Director and Co-founder Ashneer Grover about data leak at the company as "malicious and completely baseless".

Grover had earlier alleged that there is a breach of data of over 150 million UPI users at BharatPe by its Co-founder Bhavik Koladiya, who has formed a new startup called OPTless.

"BharatPe fiercely protects the data of its customers and observes high-security standards," the company said in a statement.

"OTPless is our service provider that only enables verification via WhatsApp and is used by less than 10 percent of our merchant base," it added.

Moneycontrol was the first to report Grover's allegation.

BharatPe said they "are fully compliant on all our data privacy obligations with our customers and partners".

BharatPe and Grover are entangled in a fierce legal battle over the alleged siphoning off of company funds worth Rs 88.6 crore by Grover and his family members. (KB/IANS)