BharatPe's Chief Product Officer Ankur Jain resigns

Jain’s exit is part of a trend of top executives leaving the company in recent months.

In September, the Chief Business Officer (CBO) Nishant Jain also resigned from BharatPe and has taken up a new role as Executive Director and CBO (Assisted Business) at the discount broking firm Angel One.

The company’s Chief Operating Officer Dhruv Dhanraj Bahl quit after serving for approximately four years.

Last year, three senior executives, including the Chief Technology Officer Vijay Aggarwal, Head of PostPe Nehul Malhotra, and Chief Product Officer Rajat Jain, also resigned.

Ashneer Grover, who has been in a dispute with the board of BharatPe, submitted his resignation as Managing Director and Director in March 2022, shortly after his wife Madhuri Jain Grover was terminated from her position as Head of Controls over allegations of funds misappropriation.

CEO Suhail Sameer also stepped down last year, along with several other senior executives.

Nalin Negi is currently serving as interim CEO. The company has made several new hires over the past year, including CTO Pankaj Goel, a Chief Information Security Officer, Head of Internal Audit, and Head of Compliance.

While Rajnish Kumar, a seasoned figure in the banking industry, serves as Chairman, co-founder Shashvat Nakrani remains involved in strategic decision-making.

In the fiscal year 2022, BharatPe reported a 169 percent increase in revenue, reaching Rs 321 crore for the entire financial year, compared to Rs 119 crore in the previous year. However, the company incurred a loss of Rs 5,594 crore in FY22.

Notably, the firm achieved its highest-ever gross revenue of $23.5 million (approximately Rs 200 crore) in August 2023.