Sandeep Indurkar, who was the chief business officer of the company’s banking vertical, will now be the CEO of the payment vertical.
Fintech unicorn BharatPe has made changes across its three verticals. The changes have been made to further strengthen the leadership of the company, as per a report by Entrackr. The company has three verticals, including Resilient Digi Services Private Limited, which is the lending unit; Resilient Payments Private Limited, the payment unit; and Resilient Innovations Private Limited, the merchant app.
As part of the restructuring, Sandeep Indurkar, who was the chief business officer of the company’s banking vertical, will now be the CEO of the payment vertical, as per the Entrackr report. Kohinoor Biswas, who is the head of the consumer vertical, will be managing Zillion as well.
Zillion is the loyalty division of BharatPe. “Zillion is a multi-brand program that rewards customers with loyalty coins that can be redeemed at over 50 brands, both in-store and online,” reads a company statement by BharatPe.
The report further says that all three of them will report to the interim Chief Financial Officer (CFO) at BharatPe, Nalin Negi. Recently, BharatPe also closed its $100 million debt round. It was led by InnoVen Capital and Credit Saison.
Further, in FY23, the company reported a revenue of ₹904 crore. It was ₹321 crore in FY22. The company mentioned that this surge in revenue was due to growth across the key business verticals.
Interestingly, ever since Paytm has been restricted from using its Paytm Payments Bank by the RBI due to persistent incompliance with regulatory measures, there has been an increase in merchant businesses in BharatPe. The company saw a 77 percent surge in February in merchant boarding compared to the previous month, as per the Hindu business line. Similarly, BharatPe’s traffic for onboarding inquiries has also seen an increase, as per the report.