BharatPe: Fintech unicorn appoints Nalin Negi as interim CEO following Suhail Sameer’s resignation

by James · January 3, 2023

BharatPe: The fintech unicorn, has appointed Nalin Negi, the organization’s current chief financial officer, as the organization’s interim chief executive officer (CEO) while the board searches for Suhail Sameer’s replacement, who stepped down from the role.
According to reports, Sameer, CEO of the New Delhi-based company who had replaced Ashneer Grover as co-founder, has quit. With effect from January 7, 2023, he would take over the position of strategic advisor, according to BharatPe, which also confirmed the news.

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Rajnish Kumar, chairman of the BharatPe board, noted

“We 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 of Suhail and Nalin.”

Sameer’s departure comes at a time when Grover, in response to legal and criminal suits filed by BharatPe alleging fraud, has personally attacked Sameer on social media. He became the president of BharatPe in August 2020.

Negi, who has more than 28 years of expertise, has previously held positions with GE Capital and SBI Card. He served as the CFO of SBI Cards for more than ten years.

“Nalin is a logical choice to lead the company throughout our search process due to his significant experience in the fintech sector,” continued Kumar.

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The BharatPe news coincides with a number of high-profile staff exits from the Sequoia-backed business

The BharatPe news coincides with a string of high-profile staff exits from the Sequoia-backed business, which has been embroiled in controversy since January 2022 over allegations of financial irregularities.
Vijay Aggarwal, the chief technology officer, Nehul Malhotra, the president of PostPe, and Rajat Jain, the chief product officer for lending and consumer products, all left the company in November 2022.

Satyam Nathani, a founding 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 technology operations for BharatPe, stepped down from his position in August, with reference to differences with management.

2018-founded BharatPe, which raised $370 million from Tiger Global in August 2021, became a unicorn. The company has worked over the past year to become a properly run business.

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