Fintech firm BharatPe introduced on Tuesday that it was elevating Nalin Negi as its chief govt officer. Negi, who joined BharatPe in 2022, had been holding fort as interim CEO and CFO since Suhail Sameer stepped down in January 2023.
Below Negi’s management, BharatPe recorded a 182% enhance in income from operations in FY23 and had its first Ebitda-positive month in October 2023, the corporate stated in an announcement. BharatPe will now look to nominate a brand new CFO, it added.
Negi has greater than 28 years of expertise in fintech and banking. Earlier than becoming a member of BharatPe, he held senior management positions at monetary companies corporations similar to SBI Card (he was its CFO when it went public) and GE Capital.
“Because the CEO, he’ll concentrate on main the corporate into its subsequent section of growth, driving innovation to empower retailers throughout the nation,” BharatPe stated.
Negi stated, “Going ahead, our strategic focus will likely be on sustained profitability, scaling lending companies, and launching new merchant-centric merchandise. We’re dedicated to constructing on the robust basis, fostering monetary inclusion and delivering worth to our retailers, companions and stakeholders.”
Rajnish Kumar, chairman of the board at BharatPe, stated, “We stay up for supporting Nalin Negi in his new function and are grateful for his super contribution because the interim CEO. His intensive expertise within the fintech trade and the expansion witnessed for BharatPe beneath his management makes him a pure alternative to guide the corporate.”
Based in 2018, BharatPe has a community of greater than 1.3 crore retailers throughout greater than 450 cities. The corporate has raised greater than $583 million in fairness up to now, and counts Peak XV Companions (previously Sequoia Capital India), Ribbit Capital, Perception Companions, Amplo, Beenext, Coatue Administration, Dragoneer Funding Group, Steadfast Capital, Steadview Capital and Tiger International as traders.
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Revealed: 16 Apr 2024, 11:47 AM IST
Supply: Live Mint