BharatPe CTO Pankaj Goel resigns citing personal reasons

Pankaj Goel, who joined BharatPe as chief know-how officer (CTO) in July 2023, has resigned from the corporate, citing private causes, based on sources conversant in the event.

Goel is presently serving his discover interval. Entrackr was the primary to report the information on Wednesday.

Talking on situation of anonymity, sources instructed ET that BharatPe has not but initiated the seek for Goel’s substitute.

At BharatPe, Goel led the know-how crew and drove the group’s innovation technique. His appointment adopted a seven-month emptiness after the departure of former CTO Vijay Aggarwal in November 2022.

Earlier than becoming a member of BharatPe, Goel served as senior vp and head of funds engineering at fee aggregator Razorpay, the place he superheaded execution and technique for the corporate’s core funds infrastructure.

Broader management churn

Goel’s exit comes within the wake of a number of senior management departures at BharatPe. Alongside Aggarwal, different executives who left in late 2022 included Nehul Malhotra (head of buy-now-pay-later), Rajat Jain (chief product officer for lending and client merchandise), and Geetanshu Singla (vp, know-how).Goel reported to Nalin Negi, chief monetary officer and interim CEO of BharatPe who took over Suhail Sameer in 2023.

With a profession spanning over 31 years, Goel has held management roles at firms together with Intuit—the place he spent a decade as a product growth chief—in addition to Trilogy, Schlumberger, Videocon Telecommunications, Solar Microsystems, NetGuru, and Netscape Communications.

His expertise spans the patron, small enterprise, and enterprise sectors. He has led growth throughout internet, cell, and desktop platforms, overseeing product technique, engineering execution, information administration, and person expertise.

IPO plans

Goel’s resignation comes at a time when the Reserve Financial institution of India (RBI) has granted final authorisation to Resilient Funds, a BharatPe group firm, to function as an internet fee aggregator.

Based in 2018, BharatPe now operates in over 450 cities with a service provider community of greater than 1.3 crore. It processes over 450 million UPI transactions month-to-month, with an annualised transaction worth exceeding Rs 1.7 lakh crore, ET reported in April.

The corporate can also be exploring the launch of mutual funds and insurance coverage merchandise as its subsequent main choices, Negi mentioned earlier.

He estimated a further 18 to 24 months for the corporate to streamline its processes and stabilise operations, with plans of public itemizing on the roadmap.

Since its inception, BharatPe has raised over $600 million in fairness funding. It was final valued at $2.7 billion in 2021. Key traders embrace Peak XV Companions, Coatue, and Ribbit Capital.