BharatPe Elevates Interim Chief Nalin Negi As CEO
BharatPe will institute a search for appointment of a new CFO.
Fintech major BharatPe has named Nalin Negi as its chief executive officer, elevating the interim CEO and chief financial officer to a full role.
Under his leadership, BharatPe said it recorded 182% increase in revenue from operations in the financial year 2023 and clocked October 2023 as the first Ebitda-positive month. Meanwhile, it will institute a search for appointment of a new CFO, according to a statement.
Negi joined BharatPe in 2022 after holding several positions at companies like SBI Cards and GE Capital. "As the CEO, he will focus to lead the company into its next phase of development, driving innovation to empower merchants across the country," the statement reads.
"Going forward, our strategic focus will be on sustained profitability, scaling lending businesses, and launching new merchant-centric products," Negi said on his appointment.
Resilient Innovations Pvt., the parent fintech firm BharatPe, reported a near-threefold rise in standalone revenue even as loss in core business rose in fiscal 2023.
The Gurugram-headquartered firm's revenue from operations rose from Rs 321 crore to Rs 904 crore in FY23. Its loss before tax, without taking into account a large, one-time change in the fair value of compulsory convertible preference shares, increased to Rs 886 crore from Rs 811 crore in FY22.