As the search for a permanent CFO enters the ‘advanced stages’, BharatPe appoints an interim CFO

The highly-publicized boardroom conflict between cofounder Ashneer Grover and his wife Madhuri Jain, as well as the rest of the BharatPe management, catapulted BharatPe into the public eye. While Grover and Jain have since left BharatPe, the company was looking for a permanent CFO at the time.

Now the company in terms of governance has appointed an interim CFO. Additionally, the company is looking for a CFO; the process is underway, and there’s a shortlist.

The hunt is at its ‘advanced stages,’ according to Kumar.

He also revealed BharatPe’s IPO plans. While stating that everyone in the boardroom is aligned on the startup’s growth plan, Kumar said that BharatPe will bring an IPO within the next 18-24 months. He also said that the boardroom will expand with new independent directors coming in the future.

On IPO also, the company has some positive numbers on profits. There is a path to profitability before you go for an IPO.

Notably, A&M is also conducting an independent audit of its alleged financial irregularities, and a final report on governance is expected to be submitted in the next few days.

However, in an alleged interim report by A&M, Jain and her brother were mentioned as being involved in financial irregularities at BharatPe.

BharatPe issued a seething statement on 2nd March, in the immediate aftermath of Grover’s resignation.

“Both the number of merchants and the total payment value (TPV) are increasing. Despite all of the bad attention in the media, I believe valuation will be higher. “There is a lot of interest, a lot of queries, and individuals are eager to come and be a part of the growth story,” a company representative said.

He claimed that he was unconcerned with BharatPe’s valuation and that he had no reservations.

“Any strategic adjustments that are required (in the company) will be made.” It’s a never-ending process. We are also extremely clear in our minds that we will go with some positive profit statistics in the IPO. Before you go for an IPO, there is a path to profitability,” Kumar said, adding that the management and board have a comprehensive plan in place for the IPO.

“In terms of the firm, things are going well, and the figures are good.” Even for March, we anticipate that all of the numbers will be excellent. As a result, there is no effect on business,” he explained.

“The number of merchants and the TPV (total payment value) are both increasing,” Kumar remarked. Despite all of the bad attention in the media, I believe valuation will be higher. There is a lot of interest, a lot of queries, and individuals are eager to come and be a part of the growth story.”

He believes BharatPe is worth more than $2.8 billion, citing growth in major sectors and a stake in Unity Small Finance Bank as reasons. BharatPe’s business strategy has never been a problem, according to Kumar, and the startup has sufficient capital.

Notably, BharatPe is not the only startup that has seen governance irregularities emerge.