Another BharatPe founder leaves

10 Jun 2022 , 03:03 PM

Satyam Nathani’s departure comes just days after Nishit Sharma, the chief revenue officer, and Chandrima Dhar, the head of institutional debt relationships, left.

According to sources, Satyam Nathani, the company’s founder member, has resigned from merchant payments and loans firm BharatPe.
This comes as the company, which is financed by Tiger Global and Sequoia Capital, is overhauling its corporate governance structures and reclaiming limited shares from estranged cofounder Ashneer Grover.

Nathani was the backbone of the BharatPe tech team and was essential in the development of the company’s tech products. Nathani, an IIT Delhi dropout, joined BharatPe right out of college and led the development of the initial prototype of BharatPe’s QR code, as well as other products including PostPe and 12 percent Club, a peer-to-peer lending platform.

Since the beginning of the year, claims of founder Ashneer Grover using inappropriate language and threatening a Kotak Group employee for failing to win allotment and money for the Nykaa IPO for him and his wife Madhuri Jain Grover have surrounded the four-year-old company.
Grover and his wife, Madhuri Jain Grover, were fired from the company when suspicions of money laundering surfaced.BharatPe announced on May 10 that, following a thorough investigation, the business had decided to take action against personnel who had engaged in malpractice and to reclaim Ashneer Grover’s restricted shares.

After financing $370 million led by Tiger Global in August 2021, the company became a unicorn. Rajnish Kumar, the former chairman of the SBI, was appointed chairman in October 2021.

Kumar has also been pulled into the company’s troubles, with Grover calling for his dismissal, as has CEO Suhail Sameer, who has been in charge since Grover’s departure. Whatever the case may be it seems that tough times lie ahead for the company.