🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

BharatPe makes another management rejig across verticals

EntrackrEntrackr · 1y ago
BharatPe makes another management rejig across verticals
Medial

Fintech firm BharatPe is going through another transformation to strengthen the leadership team across three verticals, sources aware of the development told Entrackr. For the uninitiated, BharatPe runs three entities – Resilient Innovations Private Limited (merchant app), Resilient Payments Private Limited (Payment unit), and Resilient Digi Services Private Limited (lending unit). Sandeep Indurkar will now step up as the CEO of the payments vertical, one of the sources told Entrackr. Indurkar was earlier chief business officer of the banking vertical at the company. Also Read: BharatPe to launch new entity BharatPe Money for lending vertical As per sources, Kohinooor Biswas will now manage loyalty division Zillion (part of RDSPL) in addition to his existing responsibilities. “Rijish Raghavan, who was earlier acting as CEO of Zillion, will now head BharatPe’s device business,” added another source. Sources also further said that the trio will continue to report to Nalin Negi, the interim CEO of BharatPe. In a nutshell, Indurkar will be heading the payment unit (RPPL), Kohinoor will be heading RDSPL, and Nalin will continue to lead the merchant unit (RIPL). A BharatPe spokesperson confirmed the development but did not comment further. Amid high profile exits in 2023, BharatPe also announced key hirings during the last year. In July, it appointed Pankaj Goel as its chief technical officer (CTO). The company filled the position of CTO after a gap of seven months whereas its CFO Nalin Negi has been acting as an interim CEO since January last year. The new changes in leadership came soon after BharatPe completed its $100 million debt round from InnoVen Capital and Credit Saison. Entrackr exclusively reported the development in January. Financially, BharatPe is also getting back on track as the firm recorded its first profitable month in October 2023. The company 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.

Related News

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’s CHRO and chief data scientist quit

EntrackrEntrackr · 7m ago
Exclusive: BharatPe’s CHRO and chief data scientist quit
Medial

Fintech unicorn BharatPe is navigating another phase of transition as its Chief Human Resources Officer (CHRO) and Chief Data Scientist have decided to step down, sources familiar with the matter told Entrackr. Smriti Handa, who took on the role of CHRO in April 2022, and Ritesh Mohan Srivastava, who joined as Chief Data Scientist in July 2022, are set to leave the organization, as per sources. Before joining BharatPe, Srivastava was on the advisory board at N44 Capital, while Handa was the global talent acquisition director at Reckitt. Confirming the development to Entrackr, a BharatPe spokesperson said, “We would like to confirm that Ms Smriti Handa is moving on from BharatPe to pursue exciting career opportunities abroad. She has been instrumental in spearheading various HR initiatives and her efforts have made a lasting impact. As she embarks on a new chapter, we extend our heartfelt wishes for her continued success." The spokesperson did not comment on Srivastava’s exit. In April, BharatPe made leadership changes across 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 then. During this period, BharatPe appointed Nalin Negi as its full-time Chief Executive Officer (CEO), following his tenure as interim CEO for over a year. BharatPe has demonstrated remarkable growth over the past three fiscal years, with revenue increasing from Rs 119 crore in FY21 to Rs 1,426 crore in FY24. The company’s losses also dropped by 50% to Rs 474 crore in FY24 from Rs 941 crore in the previous fiscal year. In a progressive step, BharatPe settled its long-standing differences with former co-founder and managing director Ashneer Grover.

GVFL backs Magma in extended Series A round

EntrackrEntrackr · 14d ago
GVFL backs Magma in extended Series A round
Medial

GVFL backs Magma in extended Series A round Industrial solutions company Magma has extended its Series A round with a strategic investment from GVFL Ltd., joining an investor group that includes Capria Ventures, General Catalyst, Accion Venture Lab, and others. The Ahmedabad-based company has raised over $8 million to date. Founded in 2022 by Neal Thakker, Magma provides a suite of solutions to factories across verticals including raw materials supply, green energy, waste management, and logistics. It aims to empower factories with efficient, sustainable, and tech-enabled supply chains. The company serves manufacturers across sectors such as ceramics, chemicals, packaging, plastics, and polymers. According to Magma, its integrated offerings spanning specialty raw materials, green energy, and waste management are designed to streamline factory operations and boost productivity. With operations in 10 states and growing, it aspires to build the infrastructure backbone for the future of Indian manufacturing. “GVFL’s entry into our cap table felt intuitive — their deep presence in Gujarat’s industrial landscape and alignment with the Government of Gujarat makes them an incredibly strategic partner. As we scale nationally, having a local growth partner that understands the pulse of traditional industries adds tremendous value. We’re excited to continue building alongside them,” said Neal Thakker, founder and CEO of Magma. The company claims that it is currently operating at a Rs 300 crore annualized revenue run rate, has served over 350 industrial customers, and is already profitable. Over the next 24 months, Magma is targeting a Rs 1,000 crore revenue run rate, driven by expansion into new industrial hubs, product verticals, and strategic partnerships.

Download the medial app to read full posts, comements and news.