BharatPe, a fintech firm, announced on Tuesday that Nalin Negi, who was serving as interim CEO and chief financial officer, has been promoted to full-time CEO. Negi took over as interim CEO in January 2023 after the former CEO, Suhail Sameer steps down.
Rajnish Kumar, Chairman of the board at BharatPe, expressed confidence in Negi, citing his extensive experience in the fintech industry and the company’s growth under his leadership. Negi’s appointment as CEO comes after 15 months of successfully leading the company in an interim capacity. The move signals stability and confidence in BharatPe’s leadership.
Nalin Negi Becomes BharatPe’s Full-Time CEO
Nalin Negi joined BharatPe in 2022 with over 28 years of experience in fintech and banking. He has been promoted to full-time CEO after serving as interim CEO and CFO since January 2023.
Negi expressed excitement about his new role and outlined strategic priorities focusing on sustained profitability, scaling lending businesses, and launching merchant-centric products. He emphasized BharatPe’s commitment to financial inclusion and delivering value to merchants, partners, and stakeholders.
Under Nalin Negi as CEO of BharatPe saw a remarkable 182% increase in revenue from operations in FY’23, with October 2023 marking the first EBITDA positive month. The company will now begin the search for a new CFO.
From Interim CEO to Full-Time Leader at BharatPe
Nalin Negi, who joined BharatPe in 2022, took charge as interim CEO after Suhail Sameer steps down in January 2023 amidst top-level exits following the departure of co-founder Ashneer Grover.
During Negi’s tenure, BharatPe saw impressive growth, with a 182% increase in revenue in FY23 and achieving its first EBITDA-positive month in October. Now, BharatPe is on the lookout for a new CFO as Negi transitions into his full-time CEO role. With over 28 years of experience in fintech and banking, Negi previously held senior positions at companies like SBI Card and GE Capital.
Negi emphasized scaling lending operations and introducing new products tailored for merchants. Rajnish Kumar, BharatPe’s chairman, highlighted Negi’s extensive fintech experience and the company’s growth under his leadership, affirming him as the ideal choice to lead BharatPe.
BharatPe has 13 Million Merchants Across India
Established in 2018, BharatPe has built a vast network of over 13 million merchants spanning across 450 cities. The company has secured over $583 million in equity funding to date, with investors including Peak XV Partners (formerly Sequoia Capital India), Ribbit Capital, Beenext, and Tiger Global.
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