Fintech major BharatPe, ever so embroiled in controversy, seems to have carried forward its concerns as it went into the new year, if the departure of its chief executive is any indication. Months after the chaos that ensued at the fintech unicorn last year over controversial co-founder Ashneer Grover, it has been revealed that BharatPe CEO Suhail Sameer will be stepping down from his role.
According to sources, Sameer will transition from being the CEO of the unicorn to one of its strategic advisors later this week – a change that will be effective from January 7. Additionally, he is currently looking to set up a venture capital (VC) fund that will drive investments in consumer brands, consumer tech startups, and fintech firms. No reason for Sameer’s stepping down from his position has been disclosed.
Nalin Negi, who is currently the Chief Financial Officer (CFO) at BharatPe, will take over as the interim chief executive “to partner with senior executives to bolster execution in all phases of the company’s business.” The hunt for a new (permanent) CEO is on, and BharatPe’s Board of Directors will look to avoid having another Ashneer Grover in charge. It has already retained a leading executive search firm to help in succession planning and searching for someone suitable to take up the mantle of CEO for a longer period.
This development comes amidst a host of exits at the top-level management at BharatPe (something that Zomato is all too familiar with). Last year saw the fintech firm’s CTO Vijay Aggarwal, PostPe head Nehul Malhotra, CPO of Lending Rajat Jain, and VP of Technology Geetanshu Singla part ways with the company. Its Chief Revenue Officer Nishit Sharma and head of debt Chandrima Dhar resigned from the Sequoia India and Tiger-backed BharatPe earlier in June.
“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 from Suhail and Nalin. We look forward to supporting Nalin Negi in his role as the interim-CEO, as we move ahead in our mission of empowering millions of MSMEs with a range of world-class financial products,” said Rajnish Kumar, Chairman of BharatPe Board, in a statement.
Sameer ascended to the post of CEO at a tumultuous time for BharatPe when the fintech player was struggling to navigate the choppy waters that its ousted co-founder had put the firm in. Ashneer Grover, who had been kicked out last year for allegedly misusing company funds, was responsible for giving BharatPe more than its fair share of headaches last year. The actions of Grover – whether it be a misappropriation of company funds (also in the case of his wife Madhuri Jain), abusing a Kotak Mahindra employee over the Nykaa IPO, or locking horns with Sameer – ensured that BharatPe had an eventful 2022.
