BharatPe appoints two independent directors

BharatPe

Continuing its journey of building an accountable and transparent corporate governance structure, BharatPe, India’s leading fintech company, today announced the appointment of two industry veterans to its Board as Independent Directors. Shri B. P. Kanungo, Former Deputy Governor of RBI and Shri Kaushik Dutta, current Chairman and Independent Director at Zomato, have been appointed on the Board of BharatPe. The appointments are in line with the company’s aim to build a world class institution and being the torchbearer of corporate governance in the start-up world.

Shri Kanungo has been the Deputy Governor of the Reserve Bank of India (RBI) from 2017-2021 and will work closely with the Board and support BharatPe in its plan of building a high-quality profitable business. Shri Dutta has extensive experience in corporate governance, including in his leadership roles at PwC, and his guidance will be key for the company as it prepares to go public in the next 2-3 years.

With the appointment of these industry leaders, BharatPe’s board will now comprise of two Executive Directors- Shashvat Nakrani (Founder) and Suhail Sameer (CEO); five Non-Executive Directors- Rajnish Kumar (former Chairman of State Bank of India) and four investor nominees; and two Independent Directors. In line with BharatPe’s commitment to having a Board with at least one-third of Independent Directors, Kewal Handa stepped down from the Board but would continue to support the Board and the Management in an advisory capacity.

Speaking on these appointments, Rajnish Kumar, Chairman of the Board, BharatPe said, “Earlier this year, we had put in place a robust governance framework and were in the process of identifying the right leaders who could join the Board in building BharatPe 2.0. The recent important appointments are driven by this very thought and we hope that the composition of Board, processes and compliances in place will lead to best governance practices in the industry. We are honoured to welcome Shri Kanungo and Shri Dutta to the BharatPe Board. I am confident that these distinguished leaders, with a very diverse knowledge of the banking industry, and corporate governance best practices, will provide invaluable guidance to the Board and Management.”

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Speaking on the appointment of the new Independent Directors to the Board, Suhail Sameer, CEO, BharatPe, said “It is my honor to welcome seasoned industry leaders- Shri Kanungo and Shri Dutta to the BharatPe Board. With them joining, BharatPe has one of the most admired Boards in the country, comprising highly respectable names from the banking and financial services industry. Their diverse experience and deep understanding of the industry and the regulatory landscape, will be a great asset for us at BharatPe as we continue to build products that disrupt the market. I look forward to working with the industry pioneers as we continue on our journey to drive financial inclusion across the length and breadth of Bharat.”

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