BharatPe Named Former SBI Cards Finance Head Nalin Negi As CFO

Fintech unicorn BharatPe backed by Sequoia appoints a former senior executive of SBI Cards as its Chief Financial Officer (CFO), as part of its aim to turn a profit and list on public markets.

The company's EBITDA will be positive by March 2023 thanks to Negi's efforts, according to a statement released by BharatPe on August 3. EBITDA, or earnings before interest, taxes, depreciation, and amortisation, is a metric used by businesses to gauge their profitability. Additionally, Negi will guide BharatPe along the way to its initial public offering (IPO), which the business previously stated it will conduct in the ensuing 18 to 24 months.

The company plans to achieve profitability, go public, and establish India's first entirely digital bank over the course of the next two years, which will be thrilling. For the next phase of the company's growth, I am looking forward to collaborating with Suhail and the leadership team at BharatPe. In BharatPe, I'm aiming to write a fantastic success story that will serve as a case study for the new India," said Negi.

Negi oversaw SBI Cards' IPO in March 2020 as its former CFO. In May, SBI Cards announced that Negi had left his position as CFO. His final day of employment with the company was July 31, according to a regulatory filing.

Negi formerly worked at American Express, EXL Service India, Nestle India Limited, and ITC Limited. Rajnish Kumar, the CEO of BharatPe, is really a graduate of SBI, where he served as chairman. According to BharatPe, Negi will report to Suhail Sameer, the company's CEO, and will collaborate closely with the Board of the fintech company.

As we focus on the upcoming stage of expansion and creating a long-lasting and successful company across both of our business lines, merchant and consumer... We would benefit greatly from Nalin's experience listing SBI Card as we aspire to go public in FY25," added Sameer.

For BharatPe, this is the year's second leadership announcement. Also, Smriti Handa was named the company's new chief human resources officer in April 2022, according to the announcement.