Fintech Security

ashneer grover bharatpe: BharatPe makes three new hires for security, audit and governance functions

Embattled fintech startup BharatPe has announced three key appointments, including a chief information security officer, head of internal audit, and head of compliance.

The company announced the appointment of Ambuj Bhalla as its chief information security officer (CISO), who will be responsible for the implementation of robust IT security and cybersecurity frameworks for the BharatPe Group.

In his previous role, Bhalla was the CISO and director of IT security at InterGlobe Aviation Ltd, which operates Indigo.

The firm has also appointed Rahul Bhatia as head of internal audit. He will work closely with the audit committee and will be responsible for setting up governance and internal audit frameworks for the company.

Previously, Bhatia was the head of risk compliance for India at UK-based fintech Tide, and has been also associated with PricewaterhouseCooper (PwC) India, Macquarie Group and Grant Thornton.

New Delhi-based BharatPe also announced the appointment of Ravinder Oberoi as head of compliance.

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Prior to joining BharatPe, Oberoi was with Aye Finance, where he was responsible for managing the audit, compliance, vigilance and fraud management functions. He has also worked with Religare, GE Capital India, ABN AMRO Bank and Max New York Life Insurance.“As we focus on getting IPO ready, it becomes essential for us to ensure that data privacy, cyber security, corporate governance and compliance are given the highest priority. I am pleased to welcome these experienced professionals in the BharatPe team and I am confident that their diverse experience and in-depth knowledge in their specific domains will enable us to not only build best-in-class fintech products with enhanced security architecture, but also ensure strong corporate governance and compliance across the organisation,” said Shashvat Nakrani, cofounder, BharatPe.

The news of BharatPe strengthening its audit, compliance and governance functions comes as the firm has filed legal suits against its cofounder Ashneer Grover and former head of controls Madhuri Jain Grover for alleged embezzlement of funds to the tune of Rs 81.28 crore.

It has also filed a criminal complaint against the Grovers with the Economic Offences Wing (EOW) on counts of forgery, embezzlement, criminal breach of trust and document fabrication.

The case is being heard at the Delhi High Court.

Earlier this month, BharatPe announced that its former chief executive, Suhail Sameer, will be stepping down from his current role. He will continue to be a strategic advisor to the company.

The fintech’s chief financial officer Nalin Negi, who was brought in from SBI Cards in August, was appointed interim CEO, the company said in a statement this month.

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