July 16, 2024

Frauds

Suhail Sameer to Quit as BharatPe’s CEO

Suhail Sameer, the CEO of BharatPe, will quit as the fintech struggles to identify a new leader after firing its founder in 2022 for allegedly mismanaging funds. The new startup based in Delhi, which is supported by Tiger Global, Sequoia India, Dragoneer, Ribbit Capital and Coatue announced that Sameer will transform to the role of a advisor on the 7th of January and Nalin Negi, the prevailing chief financial officer, will get into the position of interim CEO.

Chairman of the BharatPe Board, Rajnish Kumar, stated that Nalin Negi would be the interim CEO as the company strives to provide several global financial products to millions of MSMEs. He mentioned that the company, meanwhile, was on the lookout of a leader who could take take it to great heaights in the future. Ashneer Grover, the founder of BharatPe, was made to quit after a bizarre public spat with the startup’s board, which accused him of misusing company funds. Last month, the startup filed a lawsuit against Grover and his wife, Madhuri Jain.

 

In the 2nd half of 2021, Sameer became the CEO. As the relationship between Grover and Sameer deteriorated, Grover claimed that Sameer became the “board’s puppet” as the startup identified fraud allegations against Grover. BharatPe, which was once appreciated at 2.85 billion dollars and has raised $580 million so far, is still reeling from the controversy surrounding its founder’s ouster and public squabbles. Rajnish Kumar, the former chairman of SBI, has attempted to remake the startup’s management and leadership teams in the last two years, but is not sure whether his gamble will succeed.

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