Mukund Barsagade, the chief financial officer of Paytm Payments Bank Limited (PPBL), has joined fintech firm Lendingkart as the group CFO.
Barsagade will lead the finance, capital markets, legal, and secretarial functions, playing a pivotal role in shaping the company’s next growth phase, Lendingkart said in a statement on April 24.
Mukund “will be critical in helping to drive the step-up in Lendingkart’s performance that we are all determined to deliver," Lendingkart Group founder and CEO Harshvardhan Lunia said.
Barsagade’s exit from PPBL comes almost a week after chief operating officer (CEO) Surinder Chawla put in his papers, citing personal reasons and to pursue “better career prospects”.
The payments bank has been struggling after the Reserve Bank of India on January 31, asked it to wind down most of its services due to non-compliance with regulations.
A seasoned finance leader, Barsagade joined PPBL in September 2022, overseeing its financial management.
Before that, he was the CFO at Utkarsh Small Finance Bank and Fino Payments Bank, besides serving in leadership roles in organisations such as GE Capital, Experian and Transamerica.
"The lending tech space for MSMEs is a fast-growing opportunity and joining Lendingkart, which is a leader in the space, is extremely exciting. I look forward to working with the team and together, we will surely aid in achieving the company’s goal of simplifying finances for MSME’s across the country," Barsagade said.
Founded in 2014, Ahmedabad-based Lendingkart provides MSMEs working capital loans via co-lending partnership with banks and NBFCs such as Aditya Birla Finance, Mahindra & Mahindra Financial Services Limited, PNB and IDFC First, along with its in-house non-banking finance company.
The group is financed by international investors like Fullerton Financial Holding, a subsidiary of Singapore Sovereign Fund Temasek Holdings, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia and India Quotient and has raised around Rs 1,050 crore of equity till date.
In 2023, the group raised Rs 200 crore in debt from EvolutionX Debt Capital.
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