BharatPe chief executive officer Suhail Sameer said he was on top later this week as the Indian fintech startup ousted its founder last year for allegedly misusing the company’s funds. resign the role of
The New Delhi-based startup, backed by Sequoia India, Tiger Global, Coatue, Dragoneer and Ribbit Capital, will see Sameer transition to a strategic advisor role on January 7 and current Chief Financial Officer Nalin Negi He said he would serve as interim chief executive officer. .
“We recognize the need to dedicate time and resources to finding leaders who will continue to propel BharatPe to new heights, and we appreciate the commitment of Suhail and Nalin. Rajnish Kumar said in a statement.
The move comes after BharatPe founder Ashneer Grover was forced to resign last year after a rather bizarre public confrontation with the startup’s board that claimed he misused the company’s funds. is. The startup sued Grover and his wife Madhuri Jain last month for damages worth his $10.7 million.
Sameer will become CEO in late 2021. As relations soured between the two, Grover claimed Sameer had become a “board puppet” as the startup investigated fraud allegations against Grover.
Indian newspaper Mint first reported on Samir’s departure in the early hours of Tuesday.
Sameer’s departure is the latest in a series of setbacks in Indian fintech that once brought fierce competition to incumbents on QR codes and merchant payment solutions. BharatPe, which has raised over $580 million to date, continues to drag on from the drama surrounding its founder’s expulsion and public altercation with him.
Rajnish Kumar, former chairman of the State Bank of India, has been looking to revamp the startup’s management and leadership team over the past two years, but it remains unclear whether his bet will pay off.
