Friday, August 19, 2022

IPO-bound BharatPe appoints new CFO amid high-profile exits

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



In his new role, Negi will assume the finance function for BharatPe and will aim to make the company’s EBITDA positive by March 2023.

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

“His experience listing SBI Card will be of great importance to us as we aim to go public in FY25,” said Sameer.

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

“The company has become a favorite and trusted partner of millions of offline traders in just 4 years after launch,” said Negi, who will lead the company’s financial readiness as it prepares for its IPO.

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

The new appointment comes after BharatPe co-founder Bhavik Koladiya left the company to pursue other assignments.

The company has seen several high-profile exits in recent months, including: Ashneer Grover (which caused a major controversy on the platform); Chief Revenue Officer Nishit Sharma; and head of institutional debt partnerships, Chandrima Dhar.

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