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The rupee appreciated 9 paise to 82.73 against the US dollar in early trade on Thursday, supported by easing crude oil prices and a firm trend in domestic equities. Forex traders said sustained foreign fund outflows weighed on investor sentiments and restricted the appreciation bias. At the interbank foreign exchange, the domestic unit opened at 82.75 against the dollar, then gained ground to touch 82.73, registering a rise of 9 paise over its previous close. On Wednesday, the rupee recovered from its all-time low level and settled at 82.82 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04 per cent to 104.21. Brent crude futures, the global oil benchmark, rose 0.99 per cent to <keyword id="54123" type="General" weightage="100" keywordseo="usd" source="Orion">USD</keyword> 78.61 per barrel. Despite the greenback's weakness elsewhere, the rupee did not strengthen on dollar persistent bids throughout the session. The local unit has been extremely range bound of late, IFA Global Research Academy said in a research note. "We expect the rupee to trade in a 82.60-82.90 range with sideways price action," it added. In the domestic equity market, the 30-share <keyword id="53232" type="General" weightage="50" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> was trading 162.86 points or 0.27 per cent higher at 60,820.31. The broader NSE Nifty rose 60.20 points or 0.33 per cent to 18,103.15. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 2,620.89 crore, according to exchange data. SEE ALSO: <a href="https://www.businessinsider.in/business/news/zomato-bharatpe-nykaa-and-more-the-revolving-door-for-top-execs-at-new-age-companies/articleshow/96728402.cms">Zomato, BharatPe, Nykaa and more: the revolving door for top execs at new age companies</a> <a href="https://www.businessinsider.in/business/startups/news/bharatpe-ceo-suhail-sameer-to-step-down-five-months-after-taking-over/articleshow/96703750.cms">BharatPe CEO Suhail Sameer to step down, Nalin Negi to take over in the interim</a> <a href="https://www.businessinsider.in/business/auto/news/december-auto-sales-fall-below-expectations-even-as-tata-motors-mm-post-strong-growth/articleshow/96686550.cms">December auto sales fall below expectations even as Tata Motors, M&amp;M post strong growth</a>

Rupee gains 9 paise to 82.73/USD as crude prices ease

Despite Delhi High Court's order to restrain from making defamatory statements against the company and its executives amid the ongoing Rs 88.6 crore fraud case, former <keyword id="7349800" type="General" weightage="80" keywordseo="bharatpe" source="Orion">BharatPe</keyword> Co-founder and Managing Director <keyword id="2988161" type="General" weightage="20" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> on Monday took a serious dig at CEO <keyword id="4534514" type="General" weightage="50" keywordseo="suhail-sameer" source="Orion">Suhail Sameer</keyword>, saying the CEO allegedly spent money on personal expenditures that he raised, but is unable to help the fintech firm grow. In a tweet, <keyword id="3433" type="General" weightage="80" keywordseo="grover" source="Orion">Grover</keyword> alleged that Sameer allegedly spent money raised by him to travel to Australia for the recently-concluded T20 World Cup. "Suhail (CEO) -- bahut aish kar li <keyword id="12917061" type="General" weightage="100" keywordseo="ashneer" source="Orion">Ashneer</keyword> ke raised funds pe. Ladkiya bhi ghuma li Australia. Par hai to hum nalle - hiring, product, tech, UNITY bank, PA license, mkt share -- kuchh nahi hil raha humse. Kya karenge? (Had a gala time with money Ashneer raised in Australia but I am unable to help the company on the hiring, product, tech UNITY Bank, payment aggregator (PA) license and market share fronts, what to do?)", tweeted Grover. Grover then targeted <keyword id="218116" type="General" weightage="50" keywordseo="sumeet-singh" source="Orion">Sumeet Singh</keyword>, a partner with Shardul Amarchand Mangaldas who joined BharatPe as its general counsel (GC) last year. "Sumeet (GC): Case karenge ! case karenge ! Case karenge ! (But Sumeet went ahead to file case (against me)," Grover further posted. The Delhi Hight Court last week issued notice and summons to BharatPe's former Managing Director and his kin in a plea filed by the company, seeking orders to restrain them from making defamatory statements against the company. In April this year, Grover had threatened legal action against CEO Sameer and the board for his comments on professional networking platform LinkedIn against his sister Ashima Grover, along with seeking a resignation from Chairman Rajnish Kumar. Grover last week attacked the fintech platform's co-founder Shashvat Nakrani, saying he once asked him to bunk office for a whole year in order to complete his IIT degree while remaining on the payroll. He also alleged that his book "Doglapan" created panic among BharatPe executives and this is the reason the fintech company had apparently filed cases against him. SEE ALSO: <a href="https://www.businessinsider.in/business/news/bharatpe-filed-cases-because-my-book-doglapan-created-panic-ashneer-grover/articleshow/96132598.cms">BharatPe filed cases because my book 'Doglapan' created panic: Ashneer Grover</a> <a href="https://www.businessinsider.in/business/news/ashneer-grover-reacts-on-big-boss-and-shark-tank-india-season-2/articleshow/95908444.cms">Ashneer Grover talks about being excluded from Shark Tank India, calls Big Boss a show for failed individuals</a> <a href="https://www.businessinsider.in/entertainment/news/shark-tank-season-2-is-here-but-popular-shark-ashneer-grover-is-missing-meet-the-new-shark/slidelist/95271549.cms">Shark Tank India S2 returns without Ashneer Grover, meet the new shark</a>

BharatPe CEO enjoying life with money I raised but fails to grow company, says Ashneer Grover

Fintech platform <keyword id="7349800" type="General" weightage="100" keywordseo="bharatpe" source="Orion">BharatPe</keyword> on Wednesday said it has appointed former SBI <keyword id="14627699" type="General" weightage="50" keywordseo="card-cfo" source="Orion">Card CFO</keyword> <keyword id="13810597" type="General" weightage="50" keywordseo="nalin-negi" source="Orion">Nalin Negi</keyword> as its new chief financial officer, as it prepares for its initial public offering (IPO). In his new role, <keyword id="4151" type="General" weightage="80" keywordseo="negi" source="Orion">Negi</keyword> will take charge of the finance function for BharatPe and will be working towards making the company EBITDA positive by March 2023. He will report to <keyword id="4534514" type="General" weightage="50" keywordseo="suhail-sameer" source="Orion">Suhail Sameer</keyword>, CEO, BharatPe and work closely with the <keyword id="14627700" type="General" weightage="50" keywordseo="board-of-bharatpe" source="Orion">Board of BharatPe</keyword>, the company said in a statement. "His experience of listing SBI Card will be instrumental for us as we aim to go public in FY25," said Sameer. BharatPe closed the first quarter of FY23 with over Rs 3,600 crore in total loans facilitated and $18 billion in annualised TPV in payments. "The company has become a preferred and trusted partner for millions of offline merchants in just 4 years of launch," said Negi, who will lead the financial readiness of the company as it prepares for the IPO. In April, the company announced the appointment of <keyword id="10012165" type="General" weightage="50" keywordseo="smriti-handa" source="Orion">Smriti Handa</keyword> as the Chief Human Resources Officer. The new appointment comes after BharatPe Co-founder Bhavik Koladiya moved on from the company to pursue other assignments. The company has seen several high-profile exits in recent months, including <keyword id="2988161" type="General" weightage="50" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> (who triggered a major controversy at the platform); Chief Revenue Officer Nishit Sharma; and Head of Institutional Debt Partnerships, Chandrima Dhar. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/asus-unveils-a-new-lineup-of-laptops-featuring-zenbook-14-flip-oled-and-vivobook-s14-at-starting-price-of-49990/articleshow/93322315.cms">ASUS unveils a new lineup of laptops featuring Zenbook 14 Flip OLED and Vivobook S14 at a starting price of ₹49,990</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/aditya-birla-capitals-net-profit-jumps-42-to-429-crore/articleshow/93322293.cms">Aditya Birla Capital's net profit jumps 42% to ₹429 crore</a>

IPO-bound BharatPe appoints new CFO amid high-profile exits

Leaving the <keyword id="2988161" type="General" weightage="80" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> controversy behind, fintech platform <keyword id="7349800" type="General" weightage="80" keywordseo="bharatpe" source="Orion">BharatPe</keyword> has closed one of the highest growth quarters in its history, facilitating over Rs 3,600 crore in loans in the first quarter (April-June period) of FY23. This is a growth of 112 per cent over the last quarter. BharatPe said it also reached an all-time high of $18.5 billion in annualised total payment value (TPV) -- a growth of 50 per cent over the last quarter. "Post a successful FY22 that we closed with a 3 times growth in merchant loans, 2.5 times growth in payments and a 4 times jump in revenue, BharatPe has recorded its' best ever quarter in Q1, FY23," said <keyword id="4534514" type="General" weightage="50" keywordseo="suhail-sameer" source="Orion">Suhail Sameer</keyword>, CEO, BharatPe. "We are on an incredible growth journey, driven by a huge shift in behaviour towards digital payment modes, rise of <keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword> and the increased acceptance of new-age fintech products," he added. The company facilitated disbursals to over 1.2 lakh merchants in Q1, FY23, up from 66,000 merchants in the last quarter of FY22. Additionally, BharatPe's other product offerings, including the card acceptance POS businesses (BharatSwipe) and its investment platform for merchants recorded consistent growth (over 30 per cent) compared to the last quarter. "We are on track to achieve our target of $2 billion in loans facilitated (through our NBFC/bank partners) across both consumer and merchant business by the end of FY23 as well as scaling TPV to $30 billion by March 2023," said Sameer. The company saw its biggest-ever controversy starting earlier this year when its Co-founder and CEO <keyword id="12917061" type="General" weightage="100" keywordseo="ashneer" source="Orion">Ashneer</keyword> and his wife <keyword id="13057738" type="General" weightage="50" keywordseo="madhuri-jain-grover" source="Orion">Madhuri Jain Grover</keyword> siphoned off funds worth crores and were later sacked by the company.

BharatPe is doing just fine after Ashneer Grover's exit, records 112% growth

Crisis capital for capital crisis

<ul><li><keyword id="7349800" type="UNKNOWN" weightage="20" keywordseo="bharatpe">BharatPe</keyword> plans to substantially scale up its presence by adding another 30 cities to its list by December 2020. </li><li>The cities, spread across India, include <keyword id="6730905" type="UNKNOWN" weightage="20" keywordseo="tier-1-cities">tier-1 cities</keyword> like Kolkata and Chennai, emerging cities like Coimbatore, Kochi, Dehradun, Nagpur, Bhubaneswar, Patna as well as tourist hubs like Amritsar, Varanasi, Agra, Allahabad, amongst others. </li><li>The company aims to add another 3 million merchants to its existing list of over 5 million merchants by the end of FY 21.</li></ul><keyword id="9492517" type="UNKNOWN" weightage="20" keywordseo="merchant-payment">Merchant payment</keyword> company BharatPe has announced its aggressive expansion plans across tier-1, 2 and 3 cities in the country. The company, that is currently present in 35+ cities, plans to substantially scale up its presence by adding another 30 cities to its list by December 2020. The cities, spread across India, include tier-1 cities like Kolkata and Chennai, emerging cities like Coimbatore, Kochi, Dehradun, Nagpur, Bhubaneswar, Patna as well as tourist hubs like Amritsar, Varanasi, Agra, Allahabad, amongst others. The company aims to add another 3 million merchants to its existing list of over 5 million merchants by the end of FY 21. The announcement is in line with the company’s commitment to become the preferred financial services partner for over 60 million SMEs (Small and Medium Enterprises) in India. The company will be rolling out it’s one-of-a-kind interoperable UPI QR with zero transaction fees, and it’s recently launched zero rental, zero fees card acceptance machine (BharatSwipe) in the new cities. Additionally, BharatPe would be offering attractive collateral-free loans of upto Rs 7 lakhs at competitive interest rates to merchants, with the objective of helping them grow their business. BharatPe will offer its hybrid repayment model with a combination of daily QR/ POS collection and weekly payments made directly from the bank account to the merchants availing loans. Speaking on the expansion, <keyword id="4534514" type="PERSON" weightage="20" keywordseo="Suhail-Sameer">Suhail Sameer</keyword>, Group President, BharatPe, said, “The pandemic has fuelled exponential growth of digital payments industry in the country as a large number of customers are opting for cashless payments. We have seen our business grow manifold over the last few months. Our payments vertical has recorded consistent double digit growth on a month-on- month basis. Also, our lending vertical has scaled very well and we are on track to disburse loans of Rs 1000 crores by the end of the year.” Added Suhail, “We are committed to create a well-rounded financial ecosystem for SMEs with our variety of products including payments, loans, gold and insurance. This decision to double our footprint in the country is in line with this. We have handpicked cities that are either business hubs or emerging commercial centres, for this phase of expansion. We look forward to enabling millions of more businesses in the new cities we are venturing in.” BharatPe will be rolling out its range of financial services for merchants, across all the new cities. These include Amritsar, Kota, Guntur, Kakinada, Rajmundri, Jodhpur, Coimbatore, Madurai, Nagpur, Kochi, Trichy, Raipur, Trivandrum, Bilaspur, Durg Bhilai, Gwalior, Jabalpur, Kolkata, Patna, Ranchi, Bhubaneswar, Guwahati, Jamshedpur, Chennai, Agra, Allahabad, Aurangabad, Dehradun, Patiala, Rohtak, Silchar, Agartala, Shillong and Varanasi.

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Rupee gains 9 paise to 82.73/USD as crude prices ease

PTI

BharatPe CEO enjoying life with money I raised but fails to grow company, says Ashneer Grover

IANS

IPO-bound BharatPe appoints new CFO amid high-profile exits

IANS

BharatPe is doing just fine after Ashneer Grover's exit, records 112% growth

IANS

Crisis capital for capital crisis

Business Insider India

BharatPe to add another 3 million merchants to its existing list of over 5 million merchants by the end of FY21

BI India Partner

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