Fintech major BharatPe has promoted Nalin Negi to the company's Chief Executive Officer (CEO). Negi previously worked as Chief Financial Officer in the company before he became the interim CEO in January 2023.
Post the elevation, BharatPe will start searching for a new CFO, as per the company's statement in a press release.
The company claims to have registered an operational revenue rise of 182% in FY23. During this period, the company achieved the first EBITDA positive month in October 2023 under Negi's leadership.
Nalin Negi, who joined BharatPe in 2022, will focus on helping the company achieve greater heights going forward. The new phase will entail driving innovation aimed at empowering merchants across India, as per the company's statement.
Before BharatPe, Negi spearheaded many senior leadership roles at SBI Cards and GE Capital.
Negi while issuing a statement said that the company will strategise on sustained profitability, growing lending businesses and launching innovative products for merchants.
BharatPe is currently undergoing leadership transformation across three verticals. The fintech company recently reshuffled three of its verticals - Resilient Digi Services Private Limited (lending arm), Resilient Innovations Private Limited (Merchant App), and Resilient Payments Private Limited (Payment Arm), according to the latest industry news India.
BharatPe saw debt investment worth $100 million from Credit Saison and InnoVen Capital.
The company claims that its annualised revenue surpassed INR 1,500 crore, helping it record more than 30% growth compared to FY23. The company's revenue went past INR 1,000 crore, whereas its EBITDA loss surged 9% to INR 772 crore.
What Does YFS Have to Say on Nalin Negi's Elevation as Full-time CEO of BharatPe?
Nalin Negi's promotion as CEO was inevitable given the leadership transformation that has taken place at BharatPe. His rich leadership experience at BharatPe and SBI Cards and GE Capital will help the latter gain a further foothold in the intensely competitive fintech landscape, opines Your First Startup (YFS).