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BharatPe appoints Nalin Negi as full time CEO

EntrackrEntrackr · 1y ago
BharatPe appoints Nalin Negi as full time CEO
Medial

Fintech company BharatPe today announced the elevation of Nalin Negi as its chief executive officer (CEO). Negi, the former chief financial officer of the company, was appointed as the interim CEO in January last year. BharatPe will institute a search for appointment of a new CFO, the company said in a press release. BharatPe claims that it recorded 182% increase in revenue from operations in FY23 and clocked October 2023 as the first EBITDA positive month under Negi leadership. Nalin Negi joined BharatPe in 2022 and in his new role he will focus on leading the next phase of development, driving innovation to empower merchants across the country, as per the statement. Prior to joining BharatPe, Negi held several senior leadership positions at SBI Cards and GE Capital. “..Going forward, our strategic focus will be on sustained profitability, scaling lending businesses, and launching new merchant-centric products…,” said Negi in a statement. BharatPe has been going through transformation to strengthen the leadership team across three verticals. The firm recently reshuffled its three verticals- Resilient Innovations Private Limited (merchant app), Resilient Payments Private Limited (Payment unit), and Resilient Digi Services Private Limited (lending unit). Entrackr exclusively reported the development last week. BharatPe completed its $100 million debt round from InnoVen Capital and Credit Saison. Entrackr exclusively reported this in January. Financially, BharatPe also seems to be getting back on track as the firm claimed that its annualized revenue crossed Rs 1,500 crore, marking over 30% growth as compared to FY23. In FY23, it crossed Rs 1,000 crore revenue mark while its EBITDA loss went up 9% to Rs 772 crore.

Exclusive: BharatPe marks first secondary deal since 2021 at $2.85 Bn valuation

EntrackrEntrackr · 1m ago
Exclusive: BharatPe marks first secondary deal since 2021 at $2.85 Bn valuation
Medial

Exclusive: BharatPe marks first secondary deal since 2021 at $2.85 Bn valuation Now led by CEO Nalin Negi, Delhi-based fintech unicorn BharatPe is focusing on strengthening governance and preparing for an IPO. Tiger Global-backed fintech unicorn BharatPe carried out its first secondary transaction since 2021 through wealthtech platform Wylth, according to two sources aware of the details. “As part of the deal, Gujarat-based family offices acquired 2.6% from the 27% common equity pool at the last private valuation,” said one of the sources, requesting anonymity as the details are private. According to the startup data intelligence platform TheKredible, BharatPe was valued at $2.85 billion when it raised a $370 million Series E round. The size of the secondary transaction couldn’t be ascertained. Entrackr has reached out to BharatPe and Wylth for comments. This marks BharatPe’s first liquidity event following its prolonged governance turmoil which involved Ashneer Grover, Bhavik Koladiya, Sarswat Nakrani, and Madhuri Jain Grover. Now led by CEO Nalin Negi, BharatPe is focusing on strengthening governance and preparing for an IPO. The firm recently expanded its leadership team with the appointment of Rajesh C as Head of Finance and Himanshu Nazkani as Head of Investments. Meanwhile, BharatPe is also in talks to raise a pre-IPO round to the tune of $80-100 million. To date, it has raised over $650 million in equity and debt from investors including Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital, and others. As per media reports, BharatPe’s revenue jumped from Rs 180 crore in FY21 to Rs 1,734 crore in FY25. The company turned profitable after recording annual losses of more than Rs 1,800 crore four years ago.

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