BharatPe Announces Strategic Senior Management Changes in Payment and Lending Units

• ByStartupStory     |    April 9, 2024

leading fintech firm BharatPe has undertaken a significant rejig in the senior management of its payment and lending unit verticals, reliable sources reveal.

As part of the restructuring, Sandeep Indurkar, previously serving as the Chief Business Officer for banking and alliances, has been appointed as the Chief Executive Officer (CEO) of the payment vertical, now known as Resilient Payments Pvt Ltd under BharatPe’s umbrella.

Meanwhile, Rijish Raghavan, the CEO of BharatPe’s Zillion, formerly known as Payback India, will take charge of the company’s device business, assuming responsibilities crucial for driving innovation and market penetration in this segment.

Taking over from Raghavan in the Zillion division is Kohinoor Biswas, who previously led the consumer lending vertical. Biswas is expected to bring his expertise in consumer lending to further strengthen Zillion’s position in the market.

All three executives – Sandeep Indurkar, Rijish Raghavan, and Kohinoor Biswas – will directly report to Nalin Negi, BharatPe’s Chief Financial Officer (CFO) and interim CEO, ensuring streamlined communication and efficient decision-making processes within the organization.

When reached for comment, BharatPe did not respond to an emailed query regarding the recent changes.

It’s worth noting that despite these changes, there has been no alteration in the management of BharatPe’s merchant app vertical, indicating stability in this key area of the company’s operations.

The reshuffle comes at a time when BharatPe has witnessed substantial growth in its business operations, with a remarkable 182 per cent year-on-year increase in revenue from operations, amounting to Rs 904 crore in the fiscal year 2022-23. Furthermore, the company has successfully narrowed its loss before tax from Rs 5,594 crore to Rs 886 crore during the same period, marking a significant improvement in its financial performance.

In October 2023, BharatPe achieved a milestone by reporting its first operational profit, signaling a promising trajectory for the company’s future endeavors in the ever-evolving fintech landscape.

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