The exit of Ankur Jain
Ankur Jain, the Chief Product Officer of BharatPe, a fintech company, is set to leave his position after more than three years with the firm. Jain, formerly with Walmart Labs, took on the role of CPO at BharatPe in June 2020, where he oversaw the entire product lifecycle and innovation.
Sources suggest that Jain has decided to move on to start his own startup in the field of Artificial Intelligence (AI) and Machine Learning (ML). He is currently in his notice period, and an official announcement regarding his departure is expected later this month.
BharatPe’s Confirmation
BharatPe has confirmed this development, acknowledging Jain’s decision to pursue entrepreneurial ambitions. The company spokesperson praised Jain’s significant contributions during his 3.5-year tenure, highlighting his role in building a talented team responsible for developing innovative fintech products for both merchants and consumers.
The spokesperson also mentioned that BharatPe is actively seeking a seasoned product leader to succeed Jain and expects to make a formal announcement about this appointment soon.
Previous High-Profile Exits
Jain’s departure is part of a series of high-profile exits at BharatPe over the past couple of years. In the preceding month, the Chief Business Officer, Nishant Jain, left the company to join the stockbroking firm Angel One.
Additionally, Dhruv Dhanraj Bahl, a senior executive who served as the Chief Business Officer of Merchant Lending, also departed from BharatPe after four years to embark on his entrepreneurial journey.
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Former Executives Pursuing Entrepreneurship
Jain and Bahl join a group of former BharatPe executives who have ventured into entrepreneurship after leaving the firm. Individuals such as Rajat Jain, Geetanshu Singla, and Nehul Malhotra have raised funds for their startup, Genwise.
Furthermore, Ashneer Grover, the former co-founder and MD of BharatPe, launched a fantasy sports platform called CrickPe under his new venture Third Unicorn. Bhavik Koladiya, another co-founder, has taken on the role of CEO at SaaS startup OTPless. Suhail Sameer, the former CEO of BharatPe, is reportedly planning to establish his own venture capital firm.
New Hirings and Company Performance
Amid these departures, BharatPe has made key hires in 2023, such as appointing Pankaj Goel as the Chief Technical Officer (CTO) in July. Notably, the company had a seven-month gap in the CTO position. Nalin Negi, the CFO, has been serving as the interim CEO since January. Sources indicate that the company is likely to announce a new CEO in the near future.
While BharatPe has not yet disclosed its financial figures for FY23, its revenue from operations saw a 3.8X increase to reach Rs 456.8 crore in FY22, but losses also jumped 3X to Rs 828.8 crore during the same period.
Conclusion
Ankur Jain’s decision to leave BharatPe and pursue his AI and ML startup marks another significant change in the company’s leadership team, which has experienced several high-profile exits in recent years. As the firm continues to evolve and restructure its team, it also remains focused on growing its operations in the fintech sector.