BharatPe, a fintech unicorn, has named Nalin Negi, the organization’s current chief financial officer, as the organization’s interim chief executive officer (CEO) while its board searches for Suhail Sameer’s replacement, who resigned from the role. After ousting co-founder Ashneer Grover, Sameer, who was running the New Delhi-based company, resigned as CEO. Effective January 7, 2023, he would assume the position of strategic advisor, according to BharatPe, who also confirmed the news.
u201cWe have recognized the need to dedicate time and resources to finding the leader who will continue to catapult BharatPe to new heights, and we are grateful for the commitment from Suhail and Nalin, said Rajnish Kumar, chairman, BharatPe Board. Sameer’s departure occurs at a time when Grover, in response to legal and criminal lawsuits brought by BharatPe alleging fraud, has been attacking Sameer personally on social media. He became the president of BharatPe in August 2020.
Negi, who has more than 28 years of expertise, has held positions at GE Capital and SBI Card in the past. He served as SBI Card’s CFO for more than ten years. Nalin is a logical choice to manage the company throughout our search process due to his considerable experience in the fintech sector, continued Kumar. The BharatPe news coincides with a number of high-profile employees leaving the Sequoia-backed business, which has been embroiled in controversy since January 2022 over claims of financial irregularities.
In November 2022, three executives including chief technology officer Vijay Aggarwal, PostPe head Nehul Malhotra, and Rajat Jain, chief product officer for lending and consumer products, exited the company. Satyam Nathani, a founder member of BharatPe, and Nishit Sharma, the company’s chief revenue officer, both left their positions earlier, in June 2022. Bhavik Koladiya, the company’s co-founder who oversaw product and technological operations for BharatPe, resigned from his position in August, citing differences with management.
BharatPe, incorporated in 2018, turned a unicorn after raising $370 million from Tiger Global in August 2021. In the past year, the company has been trying to transform itself into a professionally run firm.
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