BharatPe CEO Suhail Sameer to transition to Strategic Advisor

BharatPe has announced that Suhail Sameer will transition from Chief Executive Officer to Strategic Advisor effective January 7. The current CFO, Nalin Negi, has been appointed the interim CEO, as the company scouts for a new leader.

BharatPe said, in a statement, that this move will ensure a "smooth transition" for Nalin to partner with senior executives to "bolster execution in all phases of the company's business".

“We have recognised the need to dedicate time and resources to finding the leader who will continue to catapult BharatPe to new heights," said Rajnish Kumar, Chairman, BharatPe board.

Sameer, who was earlier CEO of FMCG business at RP-Sanjiv Goenka Group, joined BharatPe in August 2020 as president.

He said, “I remain committed to supporting BharatPe achieve its growth potential in the role as Strategic Advisor and look forward to the next phase of my own journey as a full-time investor.”

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Nalin Negi joined BharatPe in August as the Chief Financial Officer. He brings to the table over 28 years of experience and business acumen. He has spent the last 15 years in banking and financial services, with stints at GE Capital and SBI Card.

He said, "I am excited to lead BharatPe through this critical and exciting transition period for the company."

“Nalin’s extensive experience in the fintech industry makes him a natural choice to lead the company during our search process,” said Rajnish.

Earlier today, Mint had reported that Sameer had, in recent weeks, come in for personal attacks by BharatPe co-founder Ashneer Grover, who had responded to civil and criminal suits alleging financial fraud, filed by BharatPe, by unleashing a series of disparaging tweets about former BharatPe colleagues.

Two people familiar with the BharatPe board’s thinking said in December that the board had been scouting for a CEO and was keen to replace Sameer, the report said.

Last month, four of the company’s senior executives, including chief technology officer Vijay Aggarwal, chief product officer for lending and consumer products Rajat Jain, and Nehul Malhotra, head of consumer lending platform PostPe, resigned from the company.

Bhavik Koladiya, who ran the fintech firm’s technology and product divisions, had stepped down in August last year.

BharatPe joined the unicorn club after raising $370 million from Tiger Global in August 2021. Former SBI chairman Rajnish Kumar was appointed as the chairman of BharatPe in October 2021.

(This story was updated with an image.)