BharatPe's New Management
Updated: Apr 2
BharatPe, an Indian fintech company, has recently made three crucial appointments as it gears up for its IPO. The company has announced that Ambuj Bhalla will serve as its Chief Information Security Officer (CISO), Rahul Bhatia will serve as Head of Internal Audit, and Ravinder Oberoi will serve as Head of Compliance. These appointments aim to prioritize data privacy, cybersecurity, corporate governance, and compliance, especially as the company prepares to go public.
What do these Appointments mean?
Cybersecurity has recently become a critical issue for businesses of all sizes. Companies increasingly rely on digital technologies and become more vulnerable to cyber threats. Cybersecurity breaches can have significant consequences, including the loss of sensitive data and the trust of customers, which can damage a company's reputation. Hence, BharatPe's appointment of a CISO is a smart move that can help the company to mitigate such risks.
Internal auditing is also essential for any business to operate successfully. It provides an independent, objective assurance and consulting activity designed to add value and improve an organisation's operations. The appointment of a Head of Internal Audit indicates that BharatPe is committed to maintaining transparency and accountability.
Compliance is another crucial aspect of running a business. It ensures that a company follows the legal and regulatory requirements related to its operations. The appointment of a Head of Compliance indicates that BharatPe is committed to adhering to the regulations that apply to its operations, thereby minimizing legal and financial risks.
More about BharatPe
Importance of the Appointments that was founded in 2018. The company has over one crore businesses in over 400 locations and leads UPI offline transactions with more than 18 lakh monthly transactions and an annualized transaction value of $24 billion. BharatPe provides merchants with a range of financial services, including payments, lending, and insurance. The company's mission is to make financial services more accessible to small and medium-sized businesses in India.
What about the Legal Issues with Grover?
However, despite the company's recent appointments and success, BharatPe has also been involved in a legal battle with its former co-founder and Managing Director, Ashneer Grover, and his family. The legal case alleges that Grover and his family embezzled ₹88.6 crore worth of business assets. The Delhi High Court has ordered Grover's counsel to urge his client to maintain decorum after firing from the fintech business while hearing the company's appeal to prevent Grover and his family from defaming the company.
Future Prospects for BharatPe
The fintech industry in India has grown exponentially in recent years, driven by the country's digital transformation. As more people have access to smartphones and the internet, they are increasingly turning to digital financial services, creating a significant opportunity for companies like BharatPe. With its focus on serving small and medium-sized businesses, BharatPe is well-positioned to capitalize on this trend.
In conclusion, BharatPe's recent appointments indicate the company's commitment to maintaining high standards of data privacy, cybersecurity, corporate governance, and compliance. As the company prepares for its IPO, these appointments are crucial to building trust among potential investors and customers. However, the ongoing legal battle with Grover highlights the risks associated with running a business. Despite the legal issues, BharatPe's focus on serving small and medium-sized businesses and its position in India's growing fintech industry make it a company to watch in the coming years.