BharatPe appoints interim CFO
By MYBRANDBOOK
BharatPe has appointed an executive from professional services firm Alvarez & Marsal as its interim Chief Financial Officer. The company is in search for a permanent CFO and said the process was in an “advanced stage”.
The company is in a negative limelight after Founder Ashneer Grover resigned early last month, after his wife, Madhuri Jain Grover, was fired from her position at BharatPe in February following allegations of financial irregularities.
Chairman Rajnish Kumar said the board, founders, and management are exploring taking the firm public in the next 18-24 months and adding more independent directors in the future.
“As far as the company is concerned, the business is doing well, and numbers are good. Even for March, we are expecting that all the numbers will be very good. So, there is no impact on business. On governance, we have put an interim CFO. We are recruiting a CFO; the process is on and there is a short list. All of the policies are being reviewed. On IPO also, we are very clear in mind that we go with some positive numbers on profits. There is a path to profitability before you go for an IPO,” Kumar said.
He added there have been investor queries for funding the company, and despite the negative press the fintech firm has been receiving, he expects the startup's valuation to be several notches above its last round at $2.8 billion.
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