Ankur Jain, the Chief Product Officer of the prominent fintech company BharatPe, is set to leave his role after dedicating over three years to the firm, according to insiders familiar with the matter.
Having joined BharatPe in June 2020 as the Chief Product Officer, Ankur Jain played a pivotal role in shaping the company’s product landscape and fostering innovation.
A source close to the situation revealed, “Jain has made the decision to step away after a 3.5-year tenure to embark on his journey of launching a startup in the AI and ML domain. He is currently in his notice period, and an official announcement regarding his departure is expected later this month.”
BharatPe has confirmed Jain’s departure. A spokesperson for the company stated, “We can confirm that Ankur Jain has chosen to move on from BharatPe to pursue his entrepreneurial aspirations. Over the last 3.5 years, he has been an integral part of the company’s journey, leading a highly talented team that brought innovative fintech products to life for both merchants and consumers.”
The company is currently in the process of searching for a seasoned product leader to take up Ankur Jain’s role. An official announcement regarding this appointment is anticipated in the near future.
Ankur Jain’s entrepreneurial ambitions extend beyond his role at BharatPe. After departing from Walmart, he co-founded Instalocate, a travel tech startup, and an AI-focused endeavor with the aim of enhancing people’s travel experiences.
Jain’s decision to leave follows a series of high-profile departures at BharatPe in recent years. Just last month, the company’s Chief Business Officer, Nishant Jain, left BharatPe to join the stockbroking firm Angel One. A month earlier, senior executive Dhruv Dhanraj Bahl stepped down from his role as Chief Business Officer of Merchant Lending at BharatPe, after serving the company for four years.
Dhruv Dhanraj Bahl, like Ankur Jain, is embarking on an entrepreneurial journey. The exodus of Jain and Bahl joins a group of former BharatPe executives who have ventured into new entrepreneurial endeavors after parting ways with the company. Rajat Jain, Geetanshu Singla, and Nehul Malhotra, all former executives at BharatPe, recently secured funding for their new startup, Genwise. Furthermore, Third Unicorn, a new venture initiated by former BharatPe co-founder and MD Ashneer Grover and his wife Madhuri Jain, introduced the fantasy sports platform CrickPe. Meanwhile, Bhavik Koladiya, another co-founder of BharatPe, has assumed the role of CEO at the SaaS startup OTPless. Suhail Sameer, the former CEO of BharatPe, is reportedly planning to launch his venture capital firm.
Despite these notable departures, BharatPe has made significant hirings in 2023. In July, the company appointed Pankaj Goel as its Chief Technical Officer (CTO), filling a role that had been vacant for seven months. Meanwhile, the company’s CFO, Nalin Negi, has been serving as an interim CEO since January. According to sources, the firm is likely to designate a new CEO in the near future.
Exciting news! We’re now on WhatsApp Channels too. Subscribe today by clicking the link and stay updated with the latest insights in the startup ecosystem! Click here!
Although BharatPe has not yet disclosed its financial figures for FY23, its revenue from operations in FY22 surged by 3.8X to reach Rs 456.8 crore, accompanied by a threefold increase in losses, totaling Rs 828.8 crore.
