Suhail Sameer, CEO of Indian fintech BharatPe, steps down from top job
Suhail Sameer, the chief executive of BharatPe, will step down from the leadership role later this week as the Indian fintech startup scrambles to steer the ship after kicking out its founder last year latest for allegedly misusing company funds.
The New Delhi-based startup, backed by Sequoia India, Tiger Global, Coatue, Dragoneer and Ribbit Capital, said Sameer will transition to a strategic advisor role on January 7 and current CFO Nalin Negi will take over. takes over as Acting General Manager.
"We recognized the need to dedicate time and resources to finding the leader who will continue to propel BharatPe to new heights, and we are grateful for the commitment of Suhail and Nalin. We look forward to supporting Nalin Negi in his role as interim CEO, as we move forward in our mission to empower millions of MSMEs with a range of world-class financial products,” said Rajnish Kumar, Chairman of the Board of BharatPe, in a statement. .
The move follows the fact that BharatPe founder Ashneer Grover was forced to resign last year after a rather bizarre public confrontation with the startup's board, which alleged he had abused company funds. The startup also sued Grover and his wife, Madhuri Jain, for damages worth $10.7 million last month.
Sameer took over as CEO in the second half of 2021. As the relationship between the two deteriorated, Grover alleged that Sameer had become the “puppet of the board” as the startup investigated the issues. allegations of fraud against Grover.
Indian newspaper Mint first reported Sameer's departure earlier on Tuesday.
Sameer's departure is the latest in a series of setbacks for the Indian fintech, which once competed with incumbents with its QR code and merchant payment solutions. BharatPe, once valued at $2.85 billion and having raised over $580 million to date, continues to reel from the drama surrounding its founder's ousting and public feuds with him. /p>
Rajnish Kumar, former chairman of State Bank of India, has sought to revamp the startup's leadership and management teams over the past two years, but it's unclear if his gamble will pay off.
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Suhail Sameer, the chief executive of BharatPe, will step down from the leadership role later this week as the Indian fintech startup scrambles to steer the ship after kicking out its founder last year latest for allegedly misusing company funds.
The New Delhi-based startup, backed by Sequoia India, Tiger Global, Coatue, Dragoneer and Ribbit Capital, said Sameer will transition to a strategic advisor role on January 7 and current CFO Nalin Negi will take over. takes over as Acting General Manager.
"We recognized the need to dedicate time and resources to finding the leader who will continue to propel BharatPe to new heights, and we are grateful for the commitment of Suhail and Nalin. We look forward to supporting Nalin Negi in his role as interim CEO, as we move forward in our mission to empower millions of MSMEs with a range of world-class financial products,” said Rajnish Kumar, Chairman of the Board of BharatPe, in a statement. .
The move follows the fact that BharatPe founder Ashneer Grover was forced to resign last year after a rather bizarre public confrontation with the startup's board, which alleged he had abused company funds. The startup also sued Grover and his wife, Madhuri Jain, for damages worth $10.7 million last month.
Sameer took over as CEO in the second half of 2021. As the relationship between the two deteriorated, Grover alleged that Sameer had become the “puppet of the board” as the startup investigated the issues. allegations of fraud against Grover.
Indian newspaper Mint first reported Sameer's departure earlier on Tuesday.
Sameer's departure is the latest in a series of setbacks for the Indian fintech, which once competed with incumbents with its QR code and merchant payment solutions. BharatPe, once valued at $2.85 billion and having raised over $580 million to date, continues to reel from the drama surrounding its founder's ousting and public feuds with him. /p>
Rajnish Kumar, former chairman of State Bank of India, has sought to revamp the startup's leadership and management teams over the past two years, but it's unclear if his gamble will pay off.
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