Bharat P has appointed former SBI Card employee Nalin Negi as its chief financial officer to make the company operationally profitable by the end of this financial year.With more than two decades of experience in the banking and financial services industry, Negi will also lead the company’s financial readiness as it prepares for an IPO.
Nalin will report to BharatPe CEO Sohail Sameer.His (Nal) knowledge of banking and financial services enables us to launch and scale fintech products that are promising and in line with our mission to create financial inclusion in the country. Also, Nalin’s expertise in listing SBI Card will be useful for us as we plan to go public in FY25.advertisingA graduate of Delhi University, Nagy has previously worked with prestigious companies such as GE Capital and SBI Card. In his most recent role, Nalin spent over 10 years as CFO of SBI Card (formerly known as GE Capital SBI Card), where he led several key strategic initiatives, including leading the company through the IPO of SBI Card in March 2020.
It is associated with American Express (India) Private Limited, XL Service (India) Private Limited, Nestlé India Limited and ITC Limited. Bharatpay is India’s digital payment gateway and a leader in bridging the credit gap for SMEs and offline retailers in the country with Q1 total loans of Rs. 3,600 crore at the end of Q1 FY23. FY23 and annual TPV payout of over $18 billion.This is the second leadership announcement for Bharat Pi this year. In April 2022, the company announced the appointment of Smriti Handa as HR Director.BharatPe founder Pavik Kuldia has ended his association with the fintech company over differences with its management, Mint reported on Tuesday. In March 2018, Bharatbeh’s co-founders were joined by Koladia and Shashwat Nagrani (then studying at IIT-Delhi), who each own 50% of the company.
Coladia was the face of the company and negotiated financing with investors. Three months later, in June 2018, Grover joined as the third founder.The company has been under scrutiny from investors and the media since the beginning of the year following a dispute between Grover and the company’s board over the illegal use of funds. Grover later resigned from the company in March.