BharatPe appoints two new Independent Directors

• Shri B. P. Kanungo, Former Deputy Governor of RBI and Shri Kaushik Dutta, Chairman and Independent Director at Zomato join BharatPe Board
• Amongst the few start-ups to focus on strengthening corporate governance

New Delhi, September 13, 2022: 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- Mr. 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 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.”

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.”

About Shri Kanungo

Shri Kanungo is a seasoned banker who joined RBI in 1982 and during his stint of close to 4 decades, looked after various departments of RBI including the Department of Government & Bank Accounts (DGBA), Department of Information Technology (DIT), Department of Payment & Settlement Systems (DPSS), Foreign Exchange Department (FED), and Internal Debt Management Department (IDMD). He was the Chairman of the Bharatiya Reserve Bank Note Mudran Private Limited, Chairman of the Governing Board of Indian Institute of Bank Management, Guwahati and RBI Nominee Director on the Boards of National Bank for Agriculture and Rural Development, National Housing Bank, Reserve Bank Information Technology Private Limited. In September 2021, Shri Kanungo joined as the Director of Centre for Advanced Financial Research and Learning (CAFRAL), an independent body set up by Reserve Bank of India in the backdrop of India’s evolving role in the global economy.

About Shri Dutta
Shri Dutta is the Co-Founder of Thought Arbitrage Research Institute (TARI), an independent not-for-profit research think-tank that works in areas of corporate governance, public policy and sustainability. He has been retained as an expert on Corporate Governance by the Indian Institute of Corporate Affairs of the Ministry of Corporate Affairs. He is also on the Board of renowned Indian companies such as Zomato, Policy Bazaar, HCL Infosystems, Newgen Software, NDTV and Snapdeal. Shri Dutta has worked with the Boards of many multinational corporations on Corporate Governance processes and initiatives. Shri Dutta is a fellow member of the Institute of Chartered Accountants of India. He was a part of the Senior leadership team at Price Waterhouse & Co., and Lovelock & Lewes, as Partner, having an enriched experience of over 25 years.

About BharatPe
BharatPe was founded in 2018 with the vision of making financial inclusion a reality for Indian merchants. In 2018, BharatPe launched India’s first UPI interoperable QR code, the first zero MDR payment acceptance service. In 2020, post-Covid, BharatPe also launched card acceptance terminals – BharatSwipe. Currently serving 1 crore merchants across 400 cities, the company is a leader in UPI offline transactions, processing 18 crores+ UPI transactions per month (annualized Transaction Processed Value of US$ 20 Bn in payments). The company has already facilitated disbursement of loans totalling to over ₹7500 crores to over 400,000 merchants. BharatPe’s POS business processes payments of over US$ 4 bn annually on its machines. BharatPe has raised over US$ 650 million in equity till date. The company’s list of marquee investors includes Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital. In June 2021, the company announced the acquisition of PAYBACK India, the country’s largest multi-brand loyalty program company with 100 million+ members. In October 2021, the consortium of Centrum Financial Services Limited (Centrum) and BharatPe, was issued a Small Finance Bank (SFB) license by the Reserve Bank of India (RBI). BharatPe also made its entry in the Buy Now Pay Later segment with the launch of postpe in October 2021.

For more details, please contact:
Akanksha Jain
Head- PR and Communications BharatPe
Email: akanksha@bharatpe.com