BharatPe co-founder Bhavik Koladiya quits in another high-level departure

Fintech platform BharatPe co-founder Bhavik Koladiya has moved on from the company to pursue assignments outside BharatPe.

Koladiya joins Shashvat Nakrani and Ashneer Grover (who triggered a major controversy at the platform) and Shashvat Nakrani in leaving the company in recent months.

"Bhavik Koladiya has been associated with BharatPe as an Independent Consultant, guiding our Product and Technology teams. His contract tenure ended on July 31, 2022 and he expressed his desire to spend time on other assignments outside BharatPe," the company said in a statement.

Nathani had put in his papers in June, within days after other senior executives like Chief Revenue Officer Nishit Sharma, and Head of Institutional Debt Partnerships, Chandrima Dhar, decided to move on.

The company said that Koladiya has been "one of our biggest advocates and has been an integral part of our journey in becoming one of India's largest fintech companies".

"While we wish him the very best, we are also sure that he will continue to guide us in the future as well, as and when we need," it added.

Earlier reports mentioned that Koladiya left BharatPe owing to "disagreements with CEO Suhail Sameer", which the company denied.

Leaving the Ashneer Grover controversy behind, fintech platform BharatPe in July closed one of the highest growth quarters in its history, facilitating over Rs 3,600 crore in loans in the first quarter (April-June period) of FY23.

This is a growth of 112 percent over the last quarter. BharatPe said it also reached an all-time high of $18.5 billion in annualised total payment value (TPV) -- a growth of 50 percent over the last quarter.

"Post a successful FY22 that we closed with a 3 times growth in merchant loans, 2.5 times growth in payments and a 4 times jump in revenue, BharatPe has recorded its' best ever quarter in Q1, FY23," said Sameer.