Former chairman of State Bank of India (SBI), Rajnish Kumar, has joined the board of Fintech firm BharatPe as its Chairman. The experience he has across India’s financial sector shall be an invaluable addition to the board of BharatPe.
The 63-year-old will mentor the BharatPe team during the transition into a small finance bank. He will also be engaged in defining the firm’s short-term and long-term strategy.
“In just 3 years, BharatPe has come a long way in becoming a trusted name in the financial services industry. It has redefined payments with its products like interoperable QR and has also emerged as the largest B2B lender in the industry. This company has a huge opportunity ahead and it would be great to work closely with its young and talented team to build financial services for the India of tomorrow,” Kumar said.
Making a positive comment on the appointment, Ashneer Grover, Co-Founder and Managing Director, BharatPe said in a statement, “It is a matter of great validation and pride for us that one of the biggest stalwarts of the Indian Banking Industry has agreed to join BharatPe as the Chairman of the Board. We look forward to invaluable guidance from Rajnish Kumar as we build India’s largest digital credit provider. We are confident that under his able guidance, BharatPe will attain newer heights and build the best-in-class Fintech for the new India.”
Kumar, who had retired from the country’s largest lender after almost four decades of service in October 2020, was lastly appointed as a non-executive director for banking giant HSBC’s Hong Kong-headquartered Asia unit.
Rajnish Kumar was appointed as the senior advisor by Baring Private Equity Asia and an advisor to Kotak Investment Advisors as well.
BharatPe, which had raised $370 million in funding (including secondary component) in August 2021 at a valuation of $2.85 billion, is backed by investors like Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Insight Partners and Sequoia Growth.