BharatPe appoints Nalin Negi as full-time CEO as Suhail Sameer steps down

BharatPe has promoted Nalin Negi as its chief executive officer (CEO), the company said in a statement issued on Tuesday. Earlier, he served as the company's interim CEO and chief financial officer (CFO).

Negi became interim CEO in January 2023 after the resignation of then-CEO Suhail Sameer.

"We look forward to supporting Nalin Negi in his new role and are grateful for his tremendous contribution as the interim CEO. His extensive experience in the fintech industry and the growth witnessed for BharatPe under his leadership, makes him a natural choice to lead the company," BharatPe Chairman Rajnish Kumar said in a statement, PTI reported.

'Focus will be on profitability'

Negi, who has more than 28 years of experience in fintech and banking domains, joined BharatPe in 2022. He said his focus will be on sustained profitability, scaling the lending business and introducing new merchant-centric products.

"We are committed to building on the strong foundation, fostering financial inclusion and delivering value to our merchants, partners, and stakeholders," he said.

Under his leadership, BharatPe recorded an 182% increase in revenue from operations in FY23. The company said that October 2023 also marked the first EBITDA (earnings before interest, taxes, depreciation, and amortisation) positive month.

The company's merchant lending division witnessed a growth of 129% in loans facilitated, reaching ₹5,339 crore.

The company said it will also start a search for a new CFO.

Founded in 2018, BharatPe offers digital payment solutions to small and medium-sized merchants. The company provides QR code-based payment acceptance, lending, and other financial services.