BharatPe Appointed Interim CFO and Planning IPO in 18-24 Months

BharatPe has appointed an executive from consulting firm Alvarez & Marsal (A&M) as its interim chief financial officer, said Rajnish Kumar, chairman of the fintech company which has been embroiled in controversies since January this year. A&M was also brought on board BharatPe to conduct an independent probe which found financial irregularities.

Recent top management troubles with founder Ashneer Grover and wife Madhuri Jain exiting BharatPe’s management following allegations of financial irregularities, the company is in search of a permanent CFO and Kumar said the process was in an “advanced stage”.

“On governance, we have put an interim CFO. We are recruiting a CFO; the process is on and there is a shortlist,” Kumar said.

Eyeing an IPO: Kumar said the board, management, founders, and chief executive Suhail Sameer were aligned on the company's growth plan and wanted to take it public in the next 18-24 months. The board will be expanded with more independent directors in future, he said. Kumar said that over the next three months, there would be significant changes across processes as part of a comprehensive action plan.

News reported by ET