BharatPe promotes interim chief Nalin Negi to CEO, seeks new CFO
As interim CEO and CFO, Negi showcased substantial growth and advancements across key business segments, said the fintech company.
Fintech unicorn has elevated interim chief Nalin Negi as the CEO of the company, while it looks for a new CFO.
As interim CEO and CFO, Negi showed substantial growth and advancements across key business segments, said the company in a statement.
Under Negi, BharatPe recorded an increase in revenue from operations of 182% in FY23 and clocked October 2023 as the first EBITDA positive month, it added.
"I am excited and honoured to take on this new role at BharatPe. Going forward, our strategic focus will be on sustained profitability, scaling lending businesses, and launching new merchant-centric products," said Negi.
"We look forward to supporting Nalin Negi in his new role and are grateful for his tremendous contribution as the interim CEO. His extensive experience in the fintech industry and the growth witnessed for BharatPe under his leadership, makes him a natural choice to lead the company," said Rajnish Kumar, Chairman of the Board, BharatPe.
Prior to joining BharatPe, Negi held senior leadership positions at financial services organisations including SBI Cards and GE Capital. Negi spent over a decade as CFO of SBI Cards, guiding the credit card major to its IPO in March 2020.
In August 20222, he was appointed the CFO of BharatPe, replacing professional services firm Alvarez & Marsal, which was made the interim CFO following the departures of Nishit Sharma, ex-chief revenue officer, and Chandrima Dhar, who was the head of institutional debt at BharatPe.
In January 2023, following the exit of CEO Suhail Sameer, Negi was appointed the interim CEO of BharatPe.
Tiger Global-backed BharatPe significantly reduced its losses by about 83% to Rs 941 crore in FY22-23, down from Rs 5,615 crore the previous year. Its revenue soared over 2.2x to Rs 1,028 crore in FY23, from Rs 456 crore in FY22. In FY23, BharatPe's total expense was Rs 2,108 crore, marking a 2.9X decrease from Rs 6,296 crore in the preceding fiscal year.
Edited by Swetha Kannan