look news india
Fintech firm BharatPe has made several major changes in the senior management of its payments and lending unit. The company has promoted Sandeep Indurkar as chief executive officer (CEO) of payments vertical – Resilient Payments Pvt Ltd, sources said on Monday. Indurkar was previously the company's Chief Business Officer, Banking and Alliances. Apart from this, Rajish Raghavan, CEO of BharatPe unit Jillion (earlier Payback India), will now take charge of the device business of the company. Now Kohinoor Biswas, head of consumer credit sector, will take over the reins of Jillion.
These three senior executives will report to Nalin Negi, Chief Financial Officer and Interim CEO of BharatPe. However, there is no change in the merchant app vertical. An email sent to BharatPe seeking comment on these changes did not elicit any response.
The company's revenue from operations grew 182 per cent to Rs 904 crore in FY23, while loss before tax declined to Rs 886 crore from Rs 5,594 crore during the period. According to the company, reducing the loss before tax from Rs 5594 crore to Rs 886 crore is a big improvement.
BharatPe reported its first operating profit in October 2023. 'The company has also significantly reduced its EBITDA burn – which averaged Rs 60 crore per month in FY23 – to achieve positive EBITDA.'
BharatPe said it has witnessed steady growth in its loan segment over the last several months. In October, it facilitated loans worth over Rs 640 crore for its merchants in partnership with its NBFC partners, a growth of 36 per cent year-on-year.