BharatPe Sees Four Top-Level Exits As Leadership Exodus Continues
BharatPe said the four who exited have "taken the entrepreneurial plunge".
Four top executives resigned from their roles at BharatPe, as the fintech startup continued to see a leadership exodus that hasn't stopped since the start of the year.
The four people to exit are as follows:
Vijay Aggarwal, chief technology officer at the company.
Rajat Jain, chief product officer—lending and consumer at BharatPe.
Geetanshu Singla, vice president—technology at BharatPe.
Nehul Malhotra, head of PostPe.
“We confirm that Vijay, Rajat, Nehul and Geetanshu are moving on from BharatPe to pursue their entrepreneurial passions," the financial services company said in a statement. According to the company, the four have "taken the entrepreneurial plunge".
"We wish them all the best, and would continue to cheer for them as they build their next ventures. BharatPe has an incredible leadership bench, and has continued to strengthen and build it over the last 12 months, with key senior hires in product, technology, data science, finance and HR," it said.
The exodus started with Shark Tank investor and co-founder Ashneer Grover quitting amid a lot of controversy. The company went on to say that Grover and his wife engaged in "extensive misappropriation of company funds, including, but not limited to, creating fake vendors through which they siphoned money away from the company".
Suhail Sameer took over as chief executive officer after Grover stepped away.
In June, Chief Revenue Officer Nishit Sharma and BharatPe’s founding member Satyam Nathani left the company.
Founder Bhavik Koladiya also exited in early August, leaving behind Shashvat Nakrani—the only one among the original members who started the company.
BharatPe was started in July 2017 by Bhavik Koladiya and Shashvat Nakrani. Ashneer Grover joined the company as the third co-founder in 2018.
It turned unicorn in August 2021, after it raised around $370 million (Rs 2,775 crore) from investors at a valuation of $2.85 billion (Rs 21,375 crore).
The company is also in partnership with the Centrum Group for Unity Small Finance Bank, which is a part of Punjab & Maharashtra Cooperative Bank's resolution plan.