It appears that the Indian fintech startup BharatPe is experiencing some turbulence at the top. On November 28th, 2022 several key figures from their leadership team have announced their resignations.
On Monday, the company confirmed that several notable employees have quit, including Chief Technology Officer (CTO) Vijay Aggarwal and Rajat Jain, chief product officer (CPO).
Nehul Malhotra, head of PostPe at the company, has also moved on.
Although Aggarwal, joined BharatPe in 2020 March,” will now start his own venture’, Jain and Malhotra are also “pursuing their entrepreneurial journey”.
Geetanshu Singla, VP-technology and Manas Poddar, programme manager at BharatPe have both resigned.
The company released a statement saying-
“We confirm that Vijay, Rajat, Nehul and Geetanshu are moving on from BharatPe to pursue their entrepreneurial passions”.
A BharatPe spokesperson further added-
“They will continue to ensure a smooth transition of their role to the designated leaders. While it is difficult to part ways with these fantastic leaders, we are also proud of them for having taken the entrepreneurial plunge.”
Many members of the company, including founding member Satyam Nathani and Ashneer Grover (who caused a significant stir on the platform), have left this year. These high-profile exits follow others who also left, such as Chief Revenue Officer Nishit Sharma and Head of Institutional Debt Partnerships Chandrima Dhar.
The financial technology platform appointed former SBI Card CFO Nalin Negi as its new chief financial officer in August, in anticipation of its initial public offering (IPO).
The co-founder of BharatPe (who has also had a difficult time with BharatPe recently), Ashneer Grover, tweeted in response to reports that several top executives have quit the firm. He said –
“Good people don’t work for companies. They work with magical Founders to create, build and grow ! There is no @bharatpeindia without @Ashneer_Grover.”
However, BharatPe’s annual total payments value (TPV) jumped to an impressive $20 billion, allowing it to expand its reach significantly to 400 towns and cities.
The company’s primary goal is to generate $30 billion in payments by the end of 2023.
In the coming months, BharatPe plans to top up its services with other fintech products like BharatSwipe.
In the first quarter of FY23, BharatPe facilitated over Rs 3,600 crore in loans, representing a 112 percent growth from the previous quarter (Q4 FY22).
The company stated that it has an excellent leadership team which it has continued to strengthen over the past year through key hires in various departments, such as technology, product development, data science, finance and HR.
The company is confident that it will continue to drive growth and expand its services across the country. It remains a formidable player in India’s fintech market, with an ambition to become one of the largest digital payment platforms in the world.
As we can see from these key resignations, it appears that BharatPe is in a state of flux and the company will need to fill some big shoes. It remains to be seen how these changes will affect the company’s overall performance, but one thing is certain – BharatPe is on track to become an industry leader in payments technology.
It is worth noting that Indian fintechs are increasingly becoming key players in India’s digital payments landscape and BharatPe is certainly at the forefront of this revolution. We will have to wait and see how these departures impact their growth story in the coming months.
Shivendra Tiwari is an Engineer and an MBA in Marketing. He is the Content head at Marketing91 and a thorough Online Marketing enthusiast. Shivendra loves to follow different brands and study their Business and Marketing tactics.