India, August 03, 2022: BharatPe, one of India’s largest fintech companies, today announced the appointment of Nalin Negi as its Chief Financial Officer. In his new role, Nalin will be spearheading the finance function for BharatPe and will be working towards making the company EBITDA positive by March 2023. Additionally, he will be leading financial readiness for the company as it prepares for the IPO. Nalin will be reporting to Suhail Sameer, CEO, BharatPe and will be working closely with the Board of BharatPe. In line with his extensive experience in banking and cards industry, Nalin will be working closely with the Senior Management team at BharatPe and help catapult growth across business lines. This is the second leadership announcement for BharatPe this year. In April 2022, the company had announced the appointment of Smriti Handa as the Chief Human Resources Officer.
Nalin is a one of the highly respectable names in the banking and financial services industry with over 25 years of experience across renowned brands like GE Capital and SBI Card. In his last stint, Nalin was the CFO of SBI Card (earlier known as GE Capital SBI Card) for over 10 years where he spearheaded a number of key strategic initiatives for the company including leading SBI Card’s IPO in March 2020, thereby, making it the first pure-play credit card company to list on the stock exchanges in India. Previously, Nalin was associated with American Express (India) Private Limited, EXL Service (India) Private Limited, Nestle India Limited, and ITC Limited. Nalin holds a Bachelor’s degree in Commerce (Honors course) from Delhi University. He is an associate of the Institute of Chartered Accountants of India.
Speaking on the appointment of Nalin, Suhail Sameer, CEO, BharatPe said, “BharatPe has been on a dream run and has clocked exponential business growth over the last year. As we focus on the next stage of growth and on building a sustainable and profitable business across both our business lines- merchant and consumer, I am confident that Nalin’s experience will be a huge asset for a new-age fintech company like ours. His in-depth knowledge of banking and financial services will help us launch and scale fintech products that are future-ready and aligned to our mission of driving financial inclusion in the country. Also, Nalin’s experience of listing SBI Card will be instrumental for us as we aim to go public in FY25. I am excited to welcome Nalin to the team and look forward to partnering with Nalin to build BharatPe as one of the most renowned fintech brands in the world.”
Added Nalin Negi, CFO, BharatPe, “BharatPe’s growth story has been phenomenal. The company has become a preferred and trusted partner for millions of offline merchants in just 4 years of launch. It has been the flagbearer for digital payments in India and has also been at the forefront of solving the credit gap for SMEs and offline retailers in the country, having closed Q1 of FY23 with over INR 3600 Cr in total loans facilitated in the first quarter of FY23 and US$ 18 bn+ in annualized TPV in payments. The next couple of years are exciting as the company aims to hit profitability and go public, and build India’s first truly Digital Bank. I am looking forward to partnering with Suhail and the leadership team at BharatPe for the next stage of growth of the company. I am hoping that we will script a great success story in BharatPe- one that will be a case study for new India.”
BharatPe was founded in 2018 with the vision of making financial inclusion a reality for Indian merchants. In 2018, BharatPe launched India’s first UPI interoperable QR code, the first zero MDR payment acceptance service. In 2020, post-Covid, BharatPe also launched India’s first zero MDR card acceptance terminals – BharatSwipe. Currently serving over 80 lakh merchants across 225+ cities, the company is a leader in UPI offline transactions, processing 18 crores+ UPI transactions per month (annualized Transaction Processed Value of US$ 18+ Bn in payments). The company has already facilitated disbursement of loans totalling to over ₹7000 crores to over 400,000 merchants, since launch. BharatPe’s POS business processes payments of over US$ 4 bn annually on its POS machines. It has a network of 1.25 lac+ machines across cities. BharatPe has raised over US$ 650 million in equity and debt, till date. The company’s list of marquee investors includes Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital. In June 2021, the company announced the acquisition of PAYBACK India, the country’s largest multi-brand loyalty program company with 100 million+ members. In October 2021, the consortium of Centrum Financial Services Limited (Centrum) and BharatPe, was issued a Small Finance Bank (SFB) license by the Reserve Bank of India (RBI). BharatPe also made its grand entry in the Buy Now Pay Later segment with the launch of postpe in October 2021.