BharatPe Appoints Sandeep Indurkar as Payments Head

BharatPe, a leading player in the fintech industry, has recently made significant changes in its top-level management, particularly in the realms of payment solutions and lending services. According to PTI, the company has promoted Sandeep Indurkar, who previously served as Chief Business Officer (CBO) for banking and alliances, to the position of CEO of the payment vertical.

In another notable move, Rijish Raghavan, former CEO of Zillion (formerly known as Payback India), will now lead BharatPe’s device business. Taking over Raghavan’s previous role is Kohinoor Biswas, who will now head the consumer lending arm of BharatPe, as per the report.

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A spokesperson from BharatPe confirmed the restructuring but declined to provide any further comment. The three new appointees will be reporting to BharatPe’s interim CEO and CFO, Nalin Negi. According to the report, there have been no changes in management within the merchant vertical, and Negi will remain in charge of the unit. It is important to mention that the fintech company has three main verticals – payment, lending, and merchant services.

Established in 2018, BharatPe provides a range of consumer-focused services including lending (PostPe), 12% Club (P2P lending and investments), and Zillion.

BharatPe, supported by prominent investors like Peak XV Partners, Ribbit Capital, Coatue, and Insight Partners, has amassed a substantial $820 million in funding.

The fintech leader has found itself embroiled in controversies over the past couple of years, marked by a very public disagreement between its board and former Managing Director Ashneer Grover.

Both sides have initiated numerous legal actions against each other, including seeking resolution through arbitration. Additionally, the company has alleged that Grover engaged in questionable transactions totaling INR 81 crore.

During this time, the leading fintech company has experienced several high-level departures in the past two years, including Suhail Sameer, who became CEO following Grover’s departure. In October of last year, the Chief Product Officer (CPO), Ankur Jain, also left the company to start his own venture.

The Chief Business Officer (CBO) Nishant Jain, as well as the CBO of the merchant lending division, Dhruv Dhanraj Bahl, resigned from the fintech startup in September 2023 and August 2023, respectively.

Several other senior-level executives, including CTO Vijay Aggarwal, Head of Consumer Products Nehul Malhotra, CPO of lending and consumer products Rajat Jain, and VP of Technology Geetanshu Singla, also departed from the company within the past year.

However, there’s a promising turn of events as the fintech startup has welcomed a wave of fresh talent over the past year. They proudly announced achieving EBITDA positivity in October 2023.

This Delhi NCR-based fintech unicorn experienced a 12% increase in net loss year-on-year, reaching INR 926.9 Cr in FY23. On the bright side, operational revenue skyrocketed by over 125% to INR 1,028.9 Cr in the fiscal year ending March 2023, compared to INR 456.8 Cr in the preceding fiscal year.

The restructuring follows three months after BharatPe wrapped up its $100 Mn debt round, with contributions from InnoVen Capital and Credit Saison.

BharatPe, a leading fintech player, has undergone a significant top-level management restructuring to bolster its payment solutions and lending services. This reorganization includes pivotal appointments, with Sandeep Indurkar as CEO of the payment vertical, Rijish Raghavan leading the device business, and Kohinoor Biswas heading the consumer lending arm. Despite facing controversies and high-level departures, BharatPe achieved EBITDA positivity in October 2023 and secured substantial funding, reflecting its resilience and potential for growth. These strategic moves position BharatPe for sustained success in the competitive fintech landscape.