BharatPe's chief product officer Ankur Jain resigns

BharatPe's CPO quits firm to start up

Fintech unicorn BharatPe's chief product officer, Ankur Jain resigned from the company on October 27th to focus on his new startup, said BharatPe in a statement on Friday.

"We would like to confirm that Ankur Jain has decided to move on from BharatPe to pursue his entrepreneurial ambitions. He has been an integral part of the company's journey over the last 3.5 years," The statement said.

This comes at a time when the company is continuing to see some top-level exits within the last few months.

BharatPe's chief business officer (CBO) Nishant Jain resigned from the firm in September and has joined a new position as Executive Director and CBO (Assisted Business) at discount broking firm Angel One.

The company's chief operating officer Dhruv Dhanraj Bahl left the company-  after about four years of service. Last year, three senior executives resigned from BharatPe including Vijay Aggarwal, chief technology officer; Nehul Malhotra, head, of PostPe; and Rajat Jain, chief product officer.

Ashneer Grover, who has been engaged in a battle with the board of BharatPe, had submitted his resignation as MD and director in March of 2022, days after his wife Madhuri Jain Grover had been terminated as the head of controls on allegations of funds misappropriation.

Apart from Ashneer Grover, CEO Suhail Sameer quit last year, along with other senior executives.

BharatPe is currently helmed by interim CEO Nalin Negi. It has also made a raft of hires in the last year- CTO Pankaj Goel, apart from a chief information security officer, head of internal audit and head of compliance.

While banking veteran Rajnish Kumar serves as chairman, co-founder Shashvat Nakrani is still involved in strategic decisions.

In FY22, BharatPe's revenue rose 169 percent to Rs 321 crore for the entire financial year of 2022, compared to Rs 119 crore in the preceding financial year. In FY22, BharatPe incurred a loss of Rs 5,594 crore.

The firm also clocked its highest-ever gross revenue of $23.5 million (around Rs 200 crore) for the month of August 2023.