Fintech company BharatPe today announced the elevation of Nalin Negi as its chief executive officer (CEO). Negi, the former chief financial officer of the company, was appointed as the interim CEO in January last year.
BharatPe will institute a search for appointment of a new CFO, the company said in a press release.
BharatPe claims that it recorded 182% increase in revenue from operations in FY23 and clocked October 2023 as the first EBITDA positive month under Negi leadership.
Nalin Negi joined BharatPe in 2022 and in his new role he will focus on leading the next phase of development, driving innovation to empower merchants across the country, as per the statement. Prior to joining BharatPe, Negi held several senior leadership positions at SBI Cards and GE Capital.
“..Going forward, our strategic focus will be on sustained profitability, scaling lending businesses, and launching new merchant-centric products…,” said Negi in a statement.
BharatPe has been going through transformation to strengthen the leadership team across three verticals. The firm recently reshuffled its three verticals- Resilient Innovations Private Limited (merchant app), Resilient Payments Private Limited (Payment unit), and Resilient Digi Services Private Limited (lending unit). Entrackr exclusively reported the development last week.
BharatPe completed its $100 million debt round from InnoVen Capital and Credit Saison. Entrackr exclusively reported this in January.
Financially, BharatPe also seems to be getting back on track as the firm claimed that its annualized revenue crossed Rs 1,500 crore, marking over 30% growth as compared to FY23. In FY23, it crossed Rs 1,000 crore revenue mark while its EBITDA loss went up 9% to Rs 772 crore.
