BharatPe Elevates Nalin Negi To CEO; Will Focus On Scaling Up Lending Verticals

Fintech giant BharatPe has elevated Nalin Negi as its chief executive officer, more than a year after he took over as interim CEO and CFO after Sameer Suhail stepped down in January 2023.

Negi, who joined BharatPe in 2022, was instrumental in driving the company’s significant growth and strategic advancements across key business segments.

Under his leadership, BharatPe witnessed a remarkable 182% increase in revenue from operations in FY23 and achieved its first EBITDA positive month in October 2023, the company said in a statement. 

BharatPe will now look to appoint a new CFO, it added.

With over 28 years of experience in fintech and banking, Negi specialises in building and scaling businesses. 

His expertise includes developing strategies to capitalise on market opportunities, driving operational excellence, and fostering innovation. 

As newly appointed CEO, Negi will focus on leading the company’s development and empowering merchants nationwide.

Rajnish Kumar, chairman of the Board, BharatPe, said, “…We are confident that Negi’s deep knowledge and passion to drive innovation will continue to strengthen our position as India’s most preferred fintech company, empowering millions of MSMEs in their digital journey.”

Negi said, “…I am excited and honoured to take on this new role at BharatPe. Going forward, our strategic focus will be on sustained profitability, scaling lending businesses, and launching new merchant-centric products. We are committed to building on the strong foundation, fostering financial inclusion and delivering value to our merchants, partners, and stakeholders.”

Prior to joining BharatPe, Negi held several senior leadership positions at renowned financial service organisations including SBI Cards and GE Capital, where he played instrumental roles in driving profitability, strategic partnerships with businesses, and steering SBI Cards IPO.

Earlier this month, BharatPe underwent a significant restructuring of its senior management within the payment and lending sectors. The startup promoted Sandeep Indurkar, previously the Chief Business Officer (CBO) for banking and alliances, to the position of CEO of the payment vertical.

Backed by the likes of Peak XV Partners, Ribbit Capital, Coatue and Insight Partners, BharatPe has raised $820 Mn in funding to date, as per Inc42 data.

However, the fintech giant has faced controversies in the last two years amid a public dispute between its board and former MD Ashneer Grover. 

Both the parties have filed a bevy of legal cases against each other, and even approached an arbitration panel. The startup has also accused Grover of allegedly undertaking dubious transactions worth INR 81 Cr.

Amidst this turmoil, the company has experienced several high-level departures, including that of Suhail Sameer, who served as CEO after Grover’s departure. In October last year, Ankur Jain, the chief product officer, left to start his own venture. 

The fintech unicorn reported a 12% increase in net loss to INR 926.9 Cr in FY23, while operating revenue surged by over 125% to INR 1,028.9 Cr in the fiscal year ending March 2023.

The appointment also comes three months after BharatPe announced the final close of its $100 Mn debt round that saw participation from InnoVen Capital and Credit Saison.