Mint first reported that Sameer, who was leading the New-Delhi-based firm after it ousted co-founder Ashneer Grover, resigned as the CEO. He will take on the role of strategic advisor, effective January 7, 2023, BharatPe said, confirming the development.
“We have recognized the need to dedicate time and resources to finding the leader who will continue to catapult BharatPe to new heights, and we are grateful for the commitment from Suhail and Nalin," said Rajnish Kumar, chairman, BharatPe Board.
Sameer’s exit comes at a time when he has come under personal attacks on social media by Grover, who responded to civil and criminal suits alleging fraud filed by BharatPe. He joined BharatPe in August 2020 as president.
Negi, who comes with over 28 years of experience, has previously worked at GE Capital and SBI Card. He was the CFO of SBI Card for over ten years.
“Nalin’s extensive experience in the fintech industry makes him a natural choice to lead the company during our search process," added Kumar.
The development at BharatPe comes amidst a slew of high profile exits from the Sequoia-backed company, which has been stuck in controversies since January 2022 over allegations of financial irregularities.
In November 2022, three executives including chief technology officer Vijay Aggarwal, PostPe head Nehul Malhotra, and Rajat Jain, chief product officer for lending and consumer products, exited the company.
Prior to that, in June 2022, BharatPe’s founding member Satyam Nathani, and chief revenue officer Nishit Sharma also resigned. In August, the firm’s co-founder Bhavik Koladiya, who ran product and technology operations for BharatPe, ended his association with the company citing disagreements with its management.
BharatPe, incorporated in 2018, turned a unicorn after raising $370 million from Tiger Global in August 2021. In the past year, the company has been trying to transform itself into a professionally run firm.
