BharatPe's Chief Product Officer, Ankur Jain, Resigns to Pursue Entrepreneurial Ambitions

Fintech unicorn BharatPe announced the resignation of its Chief Product Officer, Ankur Jain, on October 27th. Ankur Jain is leaving the company to focus on his new startup, as confirmed by BharatPe in a statement on Friday. He had been an integral part of the company for the past 3.5 years.

This departure follows a series of top-level exits at BharatPe in recent months. In September, the Chief Business Officer (CBO), Nishant Jain, left the firm to take up a new position as Executive Director and CBO (Assisted Business) at discount broking firm Angel One. Additionally, the company's Chief Operating Officer, Dhruv Dhanraj Bahl, left after approximately four years of service.

In the previous year, BharatPe also saw several senior executives resign, including Vijay Aggarwal, the Chief Technology Officer; Nehul Malhotra, Head of PostPe; and Rajat Jain, Chief Product Officer.

These developments come against the backdrop of a challenging period for BharatPe, marked by leadership changes and internal conflicts. Ashneer Grover, the co-founder who had been in a dispute with the company's board, submitted his resignation as Managing Director and Director in March 2022, shortly after his wife, Madhuri Jain Grover, was terminated from her position as the head of controls amid allegations of funds misappropriation. In addition to Grover's departure, CEO Suhail Sameer left the company last year, along with other senior executives.

As of now, BharatPe is led by interim CEO Nalin Negi. The company has made several new hires in the past year, including CTO Pankaj Goel, a Chief Information Security Officer, Head of Internal Audit, and Head of Compliance. Rajnish Kumar, a banking veteran, serves as the Chairman, and co-founder Shashvat Nakrani remains involved in strategic decisions.

In the fiscal year 2022, BharatPe reported a 169% increase in revenue, reaching Rs 321 crore for the entire financial year, compared to Rs 119 crore in the previous fiscal year. However, the company also incurred a significant loss of Rs 5,594 crore in FY22. BharatPe achieved its highest-ever gross revenue of $23.5 million (approximately Rs 200 crore) for the month of August 2023.