Just when it seemed as if the Ashneer Grover-Bharatpe controversy was behind the company, it seems like thee’s still quite some fuel left in it. Bharatpe has now witnessed a fresh wave of resignations, that includes its CTO Vijay Aggarwal, Head of PostPe Nehul Malhotra along with CPO for lending and consumer products Rajat Jain, who were reported to hand in their resignations on Monday.
Later, BharatPe confirmed the development, informing that its senior executives had parted ways with the fintech unicorn in order to “pursue their entrepreneurial passions.” Going forward, they would “continue to ensure smooth transition of their role to the designated leaders.”
“While it is difficult to part ways with these fantastic leaders, we are also proud of them for having taken the entrepreneurial plunge. We wish them all the best, and would continue to cheer for them as they build their next ventures,” BharatPe said. Agarwal, who ends his nearly-three-yearslong run at BharatPe, will be starting his own venture.
“Good people don’t work for companies. They work with magical Founders to create, build and grow! There is no BharatPe without Ashneer Grover,” Grover tweeted.
— Ashneer Grover (@Ashneer_Grover) November 28, 2022
The latest wave of resignations also includes some at the mid-managerial level, including those of Geetanshu Singla, VP Technology, and Manas Poddar, programme manager BharatPe. The firm confirmed their exits as well. “BharatPe has an incredible leadership bench, and has continued to strengthen and build it over the last 12 months, with key senior hires in Product, Technology, Data Science, Finance and HR,” a spokesperson for BharatPe said.
This development comes even as the fintech unicorn is currently focused on achieving profitability. It also comes amidst its preparations for its debut in the public markets with its initial public offering (IPO) in 18-24 months.
Additionally, it expands the list of top-level exits the fintech startup has witnessed in the past 11 months. The beginning of the year saw BharatPe become embroiled in a number of controversies and navigate through a minefield owing to the actions of now-ousted founder Ashneer Grover and the misappropriation of company funds by his wife, Madhuri Jain. Since then, the fintech major saw multiple top-level exits – its chief revenue officer Nishit Sharma left in June, soon followed by BharatPe co-founder Bhavik Koladiya, who ran the tech and product of the fintech giant. A report by Mint in August highlighted that Koladiya ended his association with BharatPe over disagreements with the unicorn’s management.
Satyam Nathani, founding member of BharatPe, turned out to be yet another senior executive to leave the fintech major this June in order “to pursue his entrepreneurial ambitions.”