BharatPe ropes in SBI Card’s Nalin Negi as CFO
Nalin Negi, a former chief financial officer of credit card issuer SBI Card, has been named as the CFO of fintech firm BharatPe. According to a statement released by BharatPe on Wednesday, Negi will be in charge of the company’s finances and work to make it Ebitda-positive by March 2023. BharatPe is situated in New Delhi. In addition, Negi will oversee the company’s financial readiness as it gets ready for an IPO.
On April 1, it was the first to announce that BharatPe’s top management desired to go public within the following 18 to 24 months. According to the corporation, Negi will work closely with its board and report to its CEO, Suhail Sameer. Negi led several significant strategic initiatives during his prior employment, including the SBI Card IPO in March 2020. Koladiya’s contract with the company expired on July 31 and, according to the company’s statement to ET earlier this week, he had expressed “his wish to spend time on assignments outside the company.”
Negi is the second significant top-level hire made by BharatPe this year after cofounder Ashneer Grover left the board and management following months of controversy. The business announced in April that it would name Smriti Handa as its chief human resources officer. “For a cutting-edge fintech company like ours, I am convinced that Nalin’s experience will be a significant advantage. His comprehensive understanding of banking and financial services will enable us to introduce and expand fintech products that are suited for the future and in line with our aim to promote financial inclusion in the nation “In the release, Sameer added.
Additionally, Nalin’s knowledge gained through listing SBI Card will be valuable to us as we aspire to go public in FY25. Negi has more than 25 years of experience working for banks and other financial institutions, including GE Capital and SBI Card. “The development of BharatPe has been extraordinary. It will be thrilling over the next years as the company works to become profitable, go public, and establish India’s first entirely digital bank “added Negi.