Indian fintech BharatPe CEO Suhail Sameer quits top job

Suhail Sameer, the chief executive of BharatPe, will step down from the executive role later this week as the Indian fintech startup scrambles to steer the ship after kicking out its founder last year for allegedly misusing government funds. company.

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 as CFO. as interim CEO. .

“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. 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 resignation of BharatPe founder Ashneer Grover last year after a rather bizarre public confrontation with the startup’s board, which alleged he had misused 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 “board puppet” as the startup investigated allegations of fraud against Grover.

India’s Mint newspaper first reported Sameer’s departure earlier on Tuesday.