Suhail Sameer, the chief executive of BharatPe, will leave the top role later this week as the Indian fintech startup scrambles to steer the ship after kicking out its founder last year for allegedly misusing company funds.
“We have recognized the need to dedicate time and resources to finding the leader who will continue to catapult BharatPe to new heights, and we are grateful for the commitment from Suhail and Nalin. We look forward to supporting Nalin Negi in his role as the interim-CEO, as we move ahead in our mission of empowering millions of MSMEs with a range of world-class financial products,” said Rajnish Kumar, Chairman of BharatPe Board, in a statement.
Half a dozen top-level executives including a co-founder and the chief technology officer have left the firm in the past six months.
Sameer’s departure is the latest in a series of setbacks at the Indian fintech, which once gave stiff competition to incumbents with its QR-code and payments solutions to merchants. BharatPe, once valued at $2.85 billion and which has raised over $580 million to date, continues to reel from the drama surrounding its founder’s ouster and its public spats with him.
Rajnish Kumar, former chairman of State Bank of India, has sought to revamp the startup’s management and leadership teams in the past two years but whether his bet will payoff remains unclear.
Indian fintech BharatPe CEO Suhail Sameer to leave top job by Manish Singh originally published on TechCrunch