Suhail Sameer, CEO of Indian fintech BharatPe, to resign

BharatPe chief executive Suhail Sameer will step down later in the week. This is as the Indian fintech startup struggles to navigate the waters after firing its founder last year over alleged misusing of company funds.

New Delhi-based startup, backing by Sequoia India. Tiger Global. Coatue. Dragoneer. Ribbit Capital. Sameer will be moving to a position as a strategic adviser on January 7. The current chief financial officer Nalin Nalin Negi will become interim chief executive.

“We have recognized the need to dedicate time and resources to finding the leader who will continue to catapult BharatPe to new heights, and we are grateful for the commitment from Suhail and Nalin. In a statement Rajnish Kumar, Chairman, BharatPe Board said that he looks forward to supporting Nalin Nevi in his interim-CEO role, as we continue in our mission to empower millions more MSMEs with a variety of world-class financial products.”

Ashneer Grover, founder of BharatPe, is following the move resigning last year After a very strange public dispute with the startup board, Grover claimed that he had misused company money. Grover, Madhuri Jain’s wife, was also sued by the startup for $10.7 million in damages.

Sameer assumed the role of CEO in the second quarter 2021. Grover claimed that Sameer had been cheating on Grover as the relationship began to deteriorate. become the “board’s puppet” Grover was accused of fraud during an investigation by the startup

Indian newspaper Mint first reported About Sameer’s departure on Tuesday.