Former Chief Operating Officer (COO) of BharatPe, Dhruv Dhanraj Bahl, who had recently been reassigned as the Chief Business Officer for the merchant lending division, is set to step down from the company in September, as reported by The Economic Times citing sources.
As per the report, merchant lending has emerged as a significant source of revenue and a pivotal sector for the company. In a strategic move to strengthen its lending operations, BharatPe had unveiled its acquisition of a controlling stake in Mumbai’s Trillion Loans, a non-banking financial company (NBFC), in May.
Mint could not independently confirm the development.
BharatPe’s impact within the lending sector has been notable, with the company claiming to facilitate loans surpassing ₹500 crore monthly for its array of merchant partners.
Bahl’s exit comes in the wake of a series of high-level resignations that the fintech firm has experienced over the past year and a half.
Also Read: Admission to nursery in Delhi schools tougher than IIT entrance: Ashneer Grover
“We would like to confirm that Bahl is moving on from BharatPe to pursue his entrepreneurial passions. He has been an integral part of the organisation and contributed to the growth of the company,” the company spokesperson told Economic Times.
Bahl played a pivotal role in overseeing the reorganization of the company following Grover’s exit. His association with BharatPe began in 2020 when he joined as the Head of Operations. Prior to his tenure at BharatPe, he had contributed to various organizations including Airtel Payments Bank, Paytm Bank, and Fortis Healthcare.
Also Read: FIR against BharatPe ex-MD Ashneer Grover, family for defrauding the fintech of ₹81 cr
According to ET citing the source mentioned earlier, Bahl is anticipated to establish an early-stage investment firm, aligning himself with the likes of his former colleagues Suhail Sameer and Bhavik Koladiya. However, the source declined to share further details.
The start of 2022 for BharatPe was marked by the high-profile exit of its dynamic founder Ashneer Grover, which garnered considerable public attention. Subsequently, another co-founder, Bhavik Koladiya, responsible for the company’s technological foundation, also left BharatPe.
Throughout the remainder of the year, the company witnessed a series of more than twelve resignations, primarily concentrated within the technology and product divisions.
Several senior executives, among them the Chief Technology Officer Vijay Aggarwal, the Head of Consumer Product-PostPe Nehul Malhotra, the Chief Product Officer of Lending and Consumer Products Rajat Jain, and the Vice-President of Technology Geetanshu Singla, stepped down from BharatPe to initiate their own entrepreneurial ventures.
The most recent addition to this list was Chief Executive Suhail Sameer, who stepped down in January of the present year.
(With insights from The Economic Times)
Download The Mint News App to get Daily Market Updates & Live Business News.
Updated: 29 Aug 2023, 06:52 AM IST