More Trouble For BharatPe As Two Senior Executives Quit The Controversy-hit Company

Nearly two months after BharatPe CEO Suhail Sameer said that the company has put behind the Ashneer Grover controversy and posted record growth, problems don't seem to have ended for the controversy-hit company.

Amidst the fintech¡¯s tiff with former co-founder and MD Ashneer Grover, two senior executives have quit BharatPe.

Chief Revenue Officer Nishit Sharma and Head of institutional debt Chandrima Dhar have left the company in recent weeks citing personal reasons, people in the know reportedly told ET.

¡°It is still not known whether the company will look to replace these individuals or club some of their functions under the incoming chief financial officer,¡± one of the people said.

While Nishit Sharma has been associated with the company since July 2019, Dhar joined BharatPe in September 2020. During his stint, Sharma was supervising the revenue strategy for its lending and point-of-sale division, BharatPe Swipe, as per ET.

On the other hand, Dhar was reportedly responsible for managing debt procurement as well as handling relationships with its partners in venture debt, non-banking finance and development finance.

The report also stated that BharatPe has been looking for a CFO and had said in May 2022 that it was in the process to finalize a candidate by the end of the ongoing quarter. Meanwhile, it had reportedly appointed an executive from professional services firm Alvarez & Marsal as interim CFO.

BharatPe has reportedly undergone several rounds of audits in the past few months and has been focusing on bringing new measures to its governance practices.

The company has been under intense investor and media scrutiny amidst the controversies associated with Ashneer Grover.

At the end of January 2022, BharatPe¡¯s board hired independent auditors A&M and PricewaterhouseCoopers after receiving complaints from an internal whistle-blower on alleged financial malpractices and corporate misgovernance at the firm. This had led to the ouster of the company¡¯s head of controls, Madhuri Jain, who is also Grover¡¯s wife. Ashneer Grover had himself abruptly resigned from the company and its board in March 2022.

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TOI

Last month, BharatPe had made a statement that it plans to claw back shares from Ashneer Grover and had served notices to several of its merchants who, it alleged, were involved in incorrect or inflated invoices, and said it established a new vendor procurement policy. The company also laid off several employees who were directly involved with these blocked vendors.

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