BharatPe’s Chief Executive Officer (CEO) Suhail Sameer is stepping down and will take up the role of Strategic Advisor for the fintech firm. This is according to a statement released by BharatPe on Tuesday, reported news agency IANS.
According to the report, Suhail Sameer will transition from the role of CEO to Strategic Advisor, effective from January 7. Rajnish Kumar, Chairman, BharatPe Board, said in the statement said also said that CFO Nalin Negi has been appointed as an interim CEO to partner with senior executives to strengthen the company's business, as the Board is actively searching for the new CEO.
“On behalf of the Board, we would like to thank Sameer for the tremendous contribution he made in steering BharatPe into a leadership position as a fintech player in India and helping us ride through various challenges during this journey,” Rajnish Kumar said.
Kumar added, “we move ahead in our mission of empowering millions of MSMEs with a range of world-class financial products.”
An alumnus of IIM-Lucknow, Suhail Sameer was appointed as Group President in BharatPe in 2020. He was the first Group President at BharatPe. In the statement, Suhail said, “I remain committed to supporting BharatPe achieve its growth potential in the role as Strategic Advisor and look forward to the next phase of my own journey as a full-time investor.”
Suhail Sameer was instrumental in launching and managing the RP Sanjeev Goenka Group's $50 million venture investing arm prior to joining BharatPe in August 2020.
According to Moneycontrol, Suhail Sameer will set up a venture capital (VC) fund to invest in start-ups. He said, "Three friends will start (the VC fund) together. Can’t name others as of yet. We have already applied for setting up the management entity. Once that approval comes, we will apply for an AIF (alternative investment fund) licence."
BhartPe appointed former SBI Card CFO Negi as its new chief financial officer in August last year.
Last year, BharatPe was hit with a wave of resignations at the top level. Chief Technology Officer (CTO) Vijay Aggarwal, Chief Product OIfficer (CPO) Rajat Jain, and head of PostPe Nehul Malhotra among others quit.
The exits also come at a time when the firm is attempting to put the negative publicity surrounding Ashneer Grover's alleged financial fraud behind it and transform itself into a professionally run firm. The company, which is focused on profitability, is also preparing for an IPO in the next 18-24 months.