Sequoia-backed fintech unicorn BharatPe has roped in former SBI Cards top executive Nalin Negi as Chief Financial Officer (CFO), as part of its efforts to become profitable and list on the public markets
Negi will work towards making the company EBITDA positive by March 2023, said BharatPe in a statement on August 3. EBITDA, which stands for earnings before interest, taxes, depreciation, and amortization, is a measure of profitability for companies.
Negi will also lead BharatPe through its path to an initial public offering (IPO) which the company earlier said it plans in the coming 18 to 24 months.
“The next couple of years is exciting as the company aims to hit profitability and go public and build India’s first truly Digital Bank. I am looking forward to partnering with Suhail and the leadership team at BharatPe for the next stage of growth of the company. I am hoping that we will script a great success story in BharatPe - one that will be a case study for new India,” said Negi.
Former CFO of SBI Cards, Negi led its IPO in March 2020. SBI Cards, in May, said Negi has resigned from his post as CFO. According to a regulatory filing, his last working day with the company was July 31.
In his earlier stints, Negi was associated with American Express, EXL Service India, Nestle India Limited, and ITC Limited.
As it happens, BharatPe chairman Rajnish Kumar is also from SBI, where he was chairman.
According to BharatPe, Negi will be reporting to Suhail Sameer, the company’s chief executive officer (CEO), and will be working closely with the fintech firm’s Board.
“As we focus on the next stage of growth and on building a sustainable and profitable business across both our business lines- merchant and consumer... Also, Nalin’s experience of listing SBI Card will be instrumental for us as we aim to go public in FY25,” said Sameer.
Earlier in April, Sameer told Moneycontrol in an interview, that the company had started a search for its CFO and the process might take four to five months at least. Notably, the company did not have an appointed CFO prior to this announcement.
This is the second leadership announcement for BharatPe this year. In April 2022, the company announced the appointment of Smriti Handa as the Chief Human Resources Officer.
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