BharatPe CEO Suhail Sameer Steps Down

New Delhi: BharatPe chief executive officer Suhail Sameer, who had a fallout with ousted co-founder Ashneer Grover, has stepped down, sending the company scouting for succession planning.

In a statement, BharatPe said, “Suhail Sameer will transition from chief executive officer to strategic advisor effective January 7, 2023.” However, the company did not mention the reason behind Sameer’s resignation.

“This (new role for Suhail Sameer) will ensure a smooth transition for current CFO, Nalin Negi, who has been appointed interim CEO to partner with senior executives to bolster execution in all phases of the company’s business,” the statement read.

BharatPe said its Board of Directors has retained a leading executive search firm to assist with succession planning and the critical CEO search.

Suhail Sameer had been overseeing the fintech company after it ousted Ashneer Grover over alleged financial misappropriation.

In recent months, the Sequoia-backed firm in recent months has seen a slew of top-level exits. Three senior executives – chief technology officer Vijay Aggarwal, PostPe head Nehul Malhotra, and chief product officer for lending and consumer products Rajat Jain – resigned from the company last month.

Geetanshu Singla, who served as the Vice President of technology, has also moved on.

Prior to that, the firm’s chief revenue officer Nishit Sharma, and Satyam Nathani, one of its founding members, had quit.

In June last year, Bhavik Koladiya, who ran the fintech firm’s technology and product divisions, stepped down.

Koladiya and Shashvat Nakrani founded BharatPe in July 2017, although the firm wasn’t incorporated till March 2018. Grover joined the company in June 2018.

Suhail Sameer was hired by Ashneer Grover who was ousted from the company along with his wife Madhuri Jain in March last year on the grounds of fraud and other irregularities.