BharatPe CEO Suhail Sameer steps down

Fintech main BharatPe, ever so embroiled in controversy, appears to have carried ahead its considerations because it went into the brand new yr, if the departure of its chief govt is any indication. Months after the chaos that ensued on the fintech unicorn final yr over controversial co-founder Ashneer Grover, it has been revealed that BharatPe CEO Suhail Sameer will likely be stepping down from his function.

In keeping with sources, Sameer will transition from being the CEO of the unicorn to one in all its strategic advisors later this week – a change that will likely be efficient from January 7. Moreover, he’s presently seeking to arrange a enterprise capital (VC) fund that can drive investments in client manufacturers, client tech startups, and fintech corporations. No motive for Sameer’s stepping down from his place has been disclosed.

Nalin Negi, who’s presently the Chief Monetary Officer (CFO) at BharatPe, will take over because the interim chief govt “to associate with senior executives to bolster execution in all phases of the corporate’s enterprise.” The hunt for a brand new (everlasting) CEO is on, and BharatPe’s Board of Administrators will look to keep away from having one other Ashneer Grover in cost. It has already retained a number one govt search agency to assist in succession planning and trying to find somebody appropriate to take up the mantle of CEO for an extended interval.

This improvement comes amidst a host of exits on the top-level administration at BharatPe (one thing that Zomato is all too acquainted with). Final yr noticed the fintech agency’s CTO Vijay Aggarwal, PostPe head Nehul Malhotra, CPO of Lending Rajat Jain, and VP of Expertise Geetanshu Singla half methods with the corporate. Its Chief Income Officer Nishit Sharma and head of debt Chandrima Dhar resigned from the Sequoia India and Tiger-backed BharatPe earlier in June.

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“We now have acknowledged the necessity to dedicate time and sources to discovering the chief who will proceed to catapult BharatPe to new heights, and we’re grateful for the dedication from Suhail and Nalin. We sit up for supporting Nalin Negi in his function because the interim-CEO, as we transfer forward in our mission of empowering hundreds of thousands of MSMEs with a spread of world-class monetary merchandise,” mentioned Rajnish Kumar, Chairman of BharatPe Board, in an announcement.

Sameer ascended to the publish of CEO at a tumultuous time for BharatPe when the fintech participant was struggling to navigate the uneven waters that its ousted co-founder had put the agency in. Ashneer Grover, who had been kicked out final yr for allegedly misusing firm funds, was accountable for giving BharatPe greater than its justifiable share of complications final yr. The actions of Grover – whether or not it’s a misappropriation of firm funds (additionally within the case of his spouse Madhuri Jain), abusing a Kotak Mahindra worker over the Nykaa IPO, or locking horns with Sameer – ensured that BharatPe had an eventful 2022.