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

BharatPe has appointed a chief information security officer, head of internal audit, and head of compliance, as the fintech startup focuses on getting ready for its initial public offering (IPO) and looks to give top priority to data privacy, cybersecurity, corporate governance and compliance mandates.

Ambuj Bhalla, named its chief information security officer (CISO), will be responsible for the implementation of robust IT security and cybersecurity frameworks for the BharatPe Group. Bhalla was previously the CISO and director of IT security at InterGlobe Aviation Ltd, which operates Indigo airlines.

BharatPe has appointed Rahul Bhatia, the former head of risk compliance for India at UK-based fintech Tide, as head of internal audit. Bhatia, who has also been associated with PricewaterhouseCoopers (PwC) India, Macquarie Group and Grant Thornton, will work closely with the audit committee and will be responsible for setting up governance and internal audit frameworks for the company.

The New Delhi-based company has named Ravinder Oberoi as head of compliance.

Prior to joining BharatPe, Oberoi was with Aye Finance, where he managed 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.

“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 appointments come at a time when the firm has filed lawsuits 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. BharatPe has also filed a criminal complaint with the Economic Offences Wing (EOW) against the Grovers over alleged forgery, embezzlement, criminal breach of trust and document fabrication.The case is being heard at the Delhi High Court.

Earlier this month, BharatPe said former chief executive Suhail Sameer would step down, but remain a strategic advisor to the company.

The fintech firm’s chief financial officer Nalin Negi, who was brought in from SBI Cards in August, has been appointed interim CEO.

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