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BharatPe’s CHRO and Chief Data Scientist Resign Amid Leadership Shifts

Fintech unicorn BharatPe is undergoing significant leadership changes as Chief Human Resources Officer (CHRO) Smriti Handa and Chief Data Scientist Ritesh Mohan Srivastava have decided to step down, according to insider sources. Their exits come during a transformative period for the company, marked by recent leadership restructuring and operational milestones.

Key Executives Part Ways

Smriti Handa, who joined BharatPe in April 2022 as CHRO, is reportedly leaving to explore international career opportunities. The company lauded her contributions to its HR strategies, acknowledging her role in driving impactful initiatives. “She has been instrumental in spearheading various HR initiatives and her efforts have made a lasting impact,” a company spokesperson said while confirming her departure.

Ritesh Mohan Srivastava, who began his tenure as Chief Data Scientist in July 2022, is also exiting the organization. However, the company has chosen not to comment on his resignation. Srivastava brought significant experience to BharatPe, having previously served on the advisory board at N44 Capital.

These departures add to a year marked by leadership changes at BharatPe, indicating a phase of realignment for the fintech company.

BharatPe headquarters or logo

Leadership Shakeups Earlier in 2024

In April, BharatPe underwent a comprehensive restructuring across its core business units—merchant app (Resilient Innovations Private Limited), payment unit (Resilient Payments Private Limited), and lending unit (Resilient Digi Services Private Limited). The company appointed Nalin Negi as full-time Chief Executive Officer (CEO), a position he had held in an interim capacity for over a year.

This leadership restructuring was aimed at strengthening BharatPe’s management framework and operational efficiency, signaling the company’s ambition to scale its offerings across different financial services.

A Snapshot of BharatPe’s Growth and Challenges

Despite the leadership churn, BharatPe has showcased impressive financial growth:

  • Revenue Surge: BharatPe’s revenue climbed from ₹119 crore in FY21 to a remarkable ₹1,426 crore in FY24.
  • Reduced Losses: The company halved its losses from ₹941 crore in FY23 to ₹474 crore in FY24, demonstrating a commitment to achieving profitability.

The improved financial performance underlines BharatPe’s resilience in the competitive fintech sector. However, consistent leadership changes highlight the challenges in maintaining organizational stability.

Settling Old Disputes

In a move that marked a turning point for BharatPe, the company resolved its protracted legal battle with former co-founder and managing director Ashneer Grover. The settlement concluded a contentious chapter, enabling BharatPe to focus on its core business without distractions.

Grover’s departure in early 2022 had sparked internal and public disputes, which created waves across the fintech ecosystem. Closing this chapter appears to have been a strategic step toward rebuilding investor confidence and fostering a cohesive leadership team.

The Road Ahead for BharatPe

BharatPe’s leadership exits come at a time when fintech companies are under immense pressure to innovate, expand, and optimize costs. While the departures of key executives like Handa and Srivastava might appear as setbacks, they could also pave the way for new talent and ideas to steer the company forward.

Here’s what the company’s priorities might include:

  • Leadership Stability: Filling the vacancies left by the outgoing executives with experienced professionals who align with BharatPe’s growth trajectory.
  • Technological Advancements: Strengthening the company’s tech and data science capabilities to stay competitive in the rapidly evolving fintech landscape.
  • Operational Excellence: Building on its financial gains to focus on sustainable profitability.

With a track record of bouncing back from challenges, BharatPe remains a key player to watch in the fintech space. Whether the latest leadership changes propel the company to new heights or create further hurdles will be evident in the months to come.

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