In a sign of increasing stability at the fintech business, BharatPe has formally promoted Nalin Negi to Chief Executive Officer, 15 months after he assumed the role as interim CEO and Chief Financial Officer.
When Co-founder Ashneer Grover was fired in January 2023, leading to a slew of high-level resignations, Negi, who joined BharatPe in 2022, took over as CEO.
The firm released a statement stating that under Negi's direction, BharatPe saw an 182% rise in operating revenue in FY23 and saw its first Ebitda-positive month in October. It further stated that BharatPe will now attempt to find a new CFO.
Negi has worked in banking and technology for more than 28 years. Prior to joining BharatPe, he worked in top leadership roles at financial services firms including GE Capital and SBI Card, where he served as CFO when the latter went public.
As CEO, BharatPe said, "he will concentrate on steering the business into its next stage of development, fostering innovation to empower merchants throughout the nation."
In the announcement, Negi stated that the company's priorities will be expanding its lending operations and introducing new products that cater to merchants.
According to Rajnish Kumar, Chairman of the board of BharatPe, Negi's "vast experience in the fintech industry and the growth witnessed for BharatPe under his leadership makes him a natural choice to lead the company."
BharatPe, which was founded in 2018, has a network of over 13 million traders in over 450 locations. To date, the firm has attracted around $583 million in equity from investors, including Ribbit Capital, Beenext, Tiger Global, and Peak XV Partners (previously Sequoia Capital India).
