Top-Level Exits Continue At BharatPe; CBO Nishant Jain Steps Down

SUMMARY

In a LinkedIn post, Jain said he was starting a new position as executive director and CBO (assisted business) at broking firm Angel One

The latest exit comes days after it was reported that Dhruv Dhanraj Bahl, who was recently appointed as the CBO for BharatPe’s merchant lending division, was set to quit the startup

BharatPe, which has been embroiled in multiple controversies since last year, has seen an exodus of senior executives over the last year or so

In another top-level exit at fintech unicorn BharatPe, its chief business officer (CBO) Nishant Jain has resigned after being with the startup for over three years.

In a LinkedIn post on Tuesday (September 5), Jain said he was starting a new position as executive director and CBO (assisted business) at broking firm Angel One.

“The past 3.5 years with BharatPe have been nothing short of extraordinary. It has been a thrilling experience, filled with the satisfaction of making a meaningful impact, achieving significant milestones, navigating thru (through) the challenges and triumphs & most importantly forging strong and enduring friendships,” wrote Jain in his social media post.

BharatPe was not immediately available to respond to Inc42’s query on the matter.

The latest exit comes days after it was reported that Dhruv Dhanraj Bahl, former chief operating officer of BharatPe who was recently appointed as the CBO for the merchant lending division, was set to quit the fintech startup this month.

BharatPe, which has been embroiled in multiple controversies since last year, has seen an exodus of senior executives, including chief technology officer Vijay Aggarwal, head of consumer product-PostPe Nehul Malhotra, and chief product officer of lending and consumer products Rajat Jain, over the last year or so.

In January, its CEO Suhail Sameer also stepped down from his role.

Prior to that, in 2022, BharatPe’s cofounder Bhavik Koladiya exited the company amid legal cases and the public mud-slinging with the startup’s former MD and founder Ashneer Grover, who also stepped down from his position last year.

Founded in 2018, BharatPe enables merchants to accept online payments through QR codes and PoS devices. BharatPe recently said its PoS business processes payments of over $3.5 bn annually on its machines.

In FY22, BharatPe’s operating revenue doubled to nearly INR 300 Cr while loss more than tripled to around INR 5,000 Cr.

The fintech unicorn has raised over $583 Mn in equity till date from marquee investors including Tiger Global, Peak XV Ventures, Steadfast Capital, Ribbit Capital, Insight Partners, and Steadview Capital.

As per a latest report, BharatPe is looking to raise $100 Mn in a new round of funding from existing and new investors.

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