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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.

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.

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