Fintech firm BharatPe has announced the promotion of Nalin Negi to the position of Chief Executive Officer (CEO). Negi, previously serving as the company’s Chief Financial Officer, assumed the role of interim CEO in January last year.
BharatPe stated in a press release that it will commence a search for a new Chief Financial Officer.
Under Negi’s leadership, BharatPe claims to have achieved a 182% increase in revenue from operations in FY23, with October 2023 marking the company’s first EBITDA positive month.
Nalin Negi, who joined BharatPe in 2022, will focus on leading the next phase of development and driving innovation to empower merchants across the country in his new role. Prior to his tenure at BharatPe, Negi held various senior leadership positions at SBI Cards and GE Capital.
Negi stated, “…our strategic focus will be on sustained profitability, scaling lending businesses, and launching new merchant-centric products…”
BharatPe has been undergoing a transformation to bolster its leadership team across three verticals. The company recently restructured its three verticals – Resilient Innovations Private Limited (merchant app), Resilient Payments Private Limited (payment unit), and Resilient Digi Services Private Limited (lending unit), as reported exclusively by Entrackr last week.
In January, BharatPe concluded its $100 million debt round from InnoVen Capital and Credit Saison, as exclusively reported by Entrackr.
Financially, BharatPe appears to be regaining momentum, with the firm reporting that its annualized revenue exceeded Rs 1,500 crore, representing over 30% growth compared to FY23. In FY23, the company crossed the Rs 1,000 crore revenue mark, while its EBITDA loss increased by 9% to Rs 772 crore.
