Ex-SBI Card CFO Nalin Negi joins BharatPe as its chief financial officer

A day after fintech giant BharatPe's co-founder and tech team head Bhavik Koladiya made an exit, the startup appointed Nalin Negi as its chief financial officer (CFO), it said in a statement.

Nalin was previously the CFO of SBI Card, and was at the helm of the credit card services company when it got listed on the stock exchanges in 2020. He is expected to lead the company as it prepares for its IPO, as well as plans to turn EBITDA-positive by March 2023.

With over 25 years of industry experience under his belt, Nalin has been associated with other companies including American Express, Nestle India, ITC Ltd, and EXL Service.

"His in-depth knowledge of banking and financial services will help us launch and scale fintech products that are future-ready and aligned to our mission of driving financial inclusion in the country. Also, Nalin’s experience of listing SBI Card will be instrumental for us as we aim to go public in FY25," said Suhail Sameer, CEO of BharatPe.

Nalin replaces professional services firm Alvarez & Marsal, which the company had appointed as an interim CFO following the departures of Nishit Sharma, ex-chief revenue officer, and Chandrima Dhar, who was the head of institutional debt at BharatPe.

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The company's board had hired A&M and PricewaterhouseCoopers after it received complaints of financial malpractices and corporate misgovernance, which led to the ouster of co-founder and former MD, Ashneer Grover.

Since then, the company has had a string of high-profile exits, with the latest one being Bhavik Koladiya, the fintech giant's original founder who was also an independent consultant in the company.

"The next couple of years are exciting as the company aims to hit profitability and go public, and build India’s first truly digital bank. I am looking forward to partnering with Suhail and the leadership team at BharatPe for the next stage of growth of the company," said Nalin in a press statement.