Parth Joshi, the chief marketing officer of BharatPe, has resigned from his post and is currently serving a notice period at the IPO-bound company, according to people in the know. He will launch his own venture soon.
In a statement to FE, BharatPe confirmed the development.
“Parth Joshi has decided to embark on his entrepreneurial journey, and we respect his decision,” the company’s spokesperson said.
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“At BharatPe, we take pride in fostering a culture that nurtures innovation, leadership, and entrepreneurship. We are always supportive of individuals who aspire to create meaningful impact, and we wish Parth the very best in his new endeavor.”
Joshi had joined BharatPe in June 2021. He was serving as head of marketing at Reckitt before that. He has also worked at GSK and L’Oreal. The company’s co-founder, Bhavik Koladiya, joined SaaS startup OTPless as CEO. Suhail Sameer, who served as CEO of BharatPe, is serving at venture capital firm OTP Venture as a managing partner.
His resignation follows a series of high-profile exits at BharatPe in recent quarters. The company’s chief human resources officer (CHRO), Smriti Handa, has quit the company to pursue career opportunities abroad. Its chief data scientist, Ritesh Mohan Srivastava, has also left the company to launch his own venture.
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BharatPe is aiming to launch an IPO in the next 18-24 months. Recently, it has raised debt of Rs 150 crore from Neo Wealth and Asset Management and Trifecta Capital.
It is aiming to become Ebitda positive in the year ending March 2025. In 2023-24, it had reported consolidated revenue of Rs 1,426 crore and a 50% fall in consolidated loss to Rs 474 crore.
“Going forward, we will focus on growing our lending vertical, launching new offerings across POS, soundbox, and lending categories, and scaling our consumer vertical,” Nalin Negi, CEO, BharatPe, had said.
BharatPe is also planning to apply for the license of a payment aggregator.
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