- BharatPe joined by former chairman of State Bank of India, Rajnish Kumar
- Rajnish Kumar will take the position of Chairman of BharatPe
The former chairman of State Bank of India (SBI), Rajnish Kumar, has joined the board of the Indian Fintech firm BharatPe and will assume the position of Chairman. Kumar’s experience across India’s financial sector will be an invaluable addition to the board of BharatPe.
Kumar will be mentoring the fintech firm’s team during its transition into a small finance bank. He will also be involved in defining the firm’s short-term and long-term strategy.
Kumar said, “In just 3 years, BharatPe has come a long way in becoming a trusted name in the financial services industry.
“It has redefined payments with its products like interoperable QR and has also emerged as the largest B2B lender in the industry.
“This company has a huge opportunity ahead and it would be great to work closely with its young and talented team to build financial services for the India of tomorrow”.
The Co-Founder and Managing Director (MD) of BharatPe, Ashneer Grover, commented on Kumar’s appointment and said, “It is a matter of great validation and pride for us that one of the biggest stalwarts of the Indian Banking Industry has agreed to join BharatPe as the Chairman of the Board.
“We look forward to invaluable guidance from Rajnish Kumar as we build India’s largest digital credit provider. We are confident that under his able guidance, BharatPe will attain newer heights and build the best-in-class Fintech for the new India.”
Kumar retired and left the biggest lender of India after being associated for 40 years in October 2020 and was also previously appointed as a non-executive director for the banking giant HSBC’s Hong Kong-headquartered Asia unit.
Kumar, in his many years in the sector, was also appointed as the senior advisor by Baring Private Equity Asia.
He was also an advisor to Kotak Investment Advisors.
In the meantime, BharatPe recently launched its foray into the “Buy Now Pay Later” (BNPL) category with “PostPe” and said it aims to facilitate a loan book of USD 300 million which roughly amounts to ₹ 2,245 crore via PostPe in the first 12 months for its lending partners.
Customers can now download the “PostPe” app from Play Store and avail interest-free credit limit of up to ₹ 10 lakh.
The product can also be used for micro-purchases.
A statement said, “PostPe is designed for the new-age customers who believe in shopping smart and are also well-versed with digital payment modes…there is no annual fee or transaction charges on payments done via PostPe app or PostPe card”.
BharatPe aims to facilitate a loan book of $300 million on PostPe in the first 12 months for its lending partners, it added.
PostPe is the Global Sponsor of the ICC T20 World Cup which will be in Dubai this year from the 17th of October.
BharatPe had managed to raise $ 370 million in funding which includes the secondary component in August 2021 at a valuation of $ 2.85 billion and is backed by investors like Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Insight Partners and Sequoia Growth.