Fintech firm BharatPe rejigs senior management

BharatPe rejigs senior management

Fintech firm BharatPe has rejigged senior management of its payment and lending unit verticals as reported by news agency PTI. The company has promoted its banking and alliance Chief Business Officer Sandeep Indurkar as CEO of payment vertical -- Resilient Payments Pvt Ltd.
Rijish Raghavan will now handle device business of the company and Kohinoor Biswas will handle Zillion in place of Rijish Raghavan. All three will report to BharatPe's CFO and interim CEO Nalin Negi.

However, there has been no change in the merchant app vertical. The company has seen improvement in business with 182 per cent year-on-year increase in revenue from operations to Rs 904 crore in FY23, while loss before tax fell to Rs 886 crore from Rs 5,594 crore during the period.

A significant progress was made in reducing loss before tax, from Rs 5,594 crore to Rs 886 crore, according to the company.

BharatPe reported its first operational profit in October 2023. 'The company has also significantly cut down its EBITDA burn -- which was averaging at Rs 60 crore per month in FY23 -- to attain EBITDA positivity,' it said.

BharatPe said it experienced consistent growth in its lending vertical over the past several months. In October, it facilitated loans exceeding Rs 640 crore for its merchants in partnership with its NBFC partners, a spike of 36 per cent year-on-year.

*With Agency Inputs