Fintech firm BharatPe elevates Nalin Negi as CEO; to focus on sustained profitability

New Delhi-based fintech firm BharatPe has elevated Nalin Negi to the role of Chief Executive Officer (CEO). Prior to this, Negi held the position of Chief Financial Officer (CFO) since 2022 and stepped in as the interim CEO in January 2023 following the departure of the previous CEO, Suhail Sameer.

Nalin Negi's experience  

Nalin Negi brings over 28 years of experience in the fintech and banking sectors to his new role. Notably, He has also been the CFO of SBI Card, where he led the company through its successful IPO in March 2020. Prior to BharatPe, he also worked with GE Capital, EXL Services, and American Express India. 

“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 board chairman Rajnish Kumar said in a statement.

Focusing on sustained profitability

As CEO, Negi will focus on sustained profitability, scaling the company’s lending businesses, and launching new products aimed at merchants. 

“I am excited and honoured to take on this new role at BharatPe. Going forward, our strategic focus will be on sustained profitability, scaling lending businesses, and launching 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," Negi said.

“We are confident that Nalin’s deep knowledge and passion to drive innovation will continue to strengthen our position as India’s most preferred fintech company, empowering millions of MSMEs in their digital journey," Kumar said.

How well BharatPe is performing financially?

Under Negi’s interim leadership, BharatPe said it has seen significant financial growth, with operating revenue reaching Rs 904 crore in the fiscal year 2022-23, an increase of 182% year-on-year. 

Additionally, October 2023 marked the company’s first month of positive earnings before interest, taxes, depreciation, and amortization (EBITDA). The firm’s annual revenue has surged past Rs 1,500 crore, a growth of 31% from the previous fiscal year.

Leadership changes at BharatPe

Negi’s permanent CEO position announcement coincides with a broader reshuffle within BharatPe’s senior management. Sandeep Indurkar has been promoted to CEO of the payment vertical, Resilient Payments Pvt Ltd. 

Additionally, Rijish Raghavan will oversee the device business, and Kohinoor Biswas will handle Zillion, a multi-brand loyalty program. All three will report directly to Negi. Meanwhile, the firm is conducting a search for a new CFO to replace Negi in his previous role.