BharatPe CEO Suhail Sameer to step down; CFO Nalin Negi to take over reins in interim

Suhail Sameer, CEO, BharatPe.

BharatPe, a fintech unicorn, announced on January 3 that chief executive officer (CEO) Suhail Sameer will step down from his position and assume the role of strategic advisor beginning on January 7, 2023.

This will ensure a smooth transition for current CFO, Nalin Negi who has been appointed interim CEO to partner with senior executives to bolster execution in all phases of the company’s business, the company said in a statement.

Meanwhile, the company’s Board of Directors has retained a leading executive search firm to assist with succession planning and the critical CEO search.

Rajnish Kumar, Chairman, BharatPe Board said, “On behalf of the Board, we would like to thank Suhail for the tremendous contribution he made in steering BharatPe into a leadership position as a fintech player in India and helping us ride through various challenges during this journey.”

“We have recognized the need to dedicate time and resources to finding the leader who will continue to catapult BharatPe to new heights, and we are grateful for the commitment from Suhail and Nalin. We look forward to supporting Nalin Negi in his role as the interim-CEO, as we move ahead in our mission of empowering millions of MSMEs with a range of world-class financial products,” he added.

The four-year-old company has been embroiled in controversy since the beginning of 2022, when founder Ashneer Grover was accused of using inappropriate language and threatening a Kotak Group employee for failing to secure an allotment and funding for the Nykaa IPO for himself and his wife Madhuri Jain Grover.

Grover and Madhuri Jain Grover were then ousted from the company over allegations of misappropriation of funds.

Four of the company's senior executives have left to pursue their entrepreneurial interests since the beginning of 2022, including chief technology officer Vijay Aggarwal, chief product officer for lending and consumer products Rajat Jain, and Nehul Malhotra, head of consumer lending platform PostPe.

Geetanshu Singla, who served as the Vice President of technology too has moved on.

The exits came in a year when Tiger Global and Sequoia-backed BharatPe saw the controversial exit of founder Ashneer Grover. Grover’s exit was followed by co-founder Bhavik Koladia leaving the company in April.

These fresh exits also come at a time when the startup was building Unity Small Finance Bank, formerly PMC Bank, which was acquired through a joint venture between BharatPe and Centrum Financial Services.

(This is a developing story. Please check back for updates)