Fintech platform BharatPe appoints new CFO amid IPO plans

Fintech platform BharatPe on Wednesday said it has appointed former SBI Card CFO Nalin Negi as its new chief financial officer, as it prepares for its initial public offering (IPO).

In his new role, Negi will take charge of the finance function for BharatPe and will be working towards making the company EBITDA positive by March 2023.

He will report to Suhail Sameer, CEO, BharatPe and work closely with the Board of BharatPe, the company said in a statement.

"His experience of listing SBI Card will be instrumental for us as we aim to go public in FY25," said Sameer.

BharatPe closed the first quarter of FY23 with over Rs 3,600 crore in total loans facilitated and $18 billion in annualised TPV in payments.

"The company has become a preferred and trusted partner for millions of offline merchants in just 4 years of launch," said Negi, who will lead the financial readiness of the company as it prepares for the IPO.

In April, the company announced the appointment of Smriti Handa as the Chief Human Resources Officer.

The new appointment comes after BharatPe Co-founder Bhavik Koladiya moved on from the company to pursue other assignments.

The company has seen several high-profile exits in recent months, including founding member Satyam Nathani, Ashneer Grover (who triggered a major controversy at the platform); Chief Revenue Officer Nishit Sharma; and Head of Institutional Debt Partnerships, Chandrima Dhar.