BharatPe appoints former SBI Cards executive Aparna Kuppuswamy as Chief Risk Officer

Fintech major BharatPe on Monday said that it has appointed Aparna Kuppuswamy as its Chief Risk Officer, who will help the company get prepared towards its IPO goal. Kuppuswamy will spearhead the risk portfolio across the BharatPe Group of companies, including the merchant and consumer businesses. In her role, she will work closely with the CFO and interim CEO, Nalin Negi, to make a better lending vertical at BharatPe.

“A seasoned leader with almost 3 decades of experience in the Consumer Banking Industry with extensive expertise in managing portfolios across all major product lines including credit cards, mortgages, and unsecured personal loans,” the company said in a press note.

Prior to joining BharatPe, Kuppuswamy had worked with SBI Cards for 14 years as its chief risk officer where she led a number of key projects. She resigned on February 10, 2023. Before SBI Cards, she was Director, Credit Policy, at Ameriprise Financial and has also held leadership roles at ABN AMRO Bank and Bank of America. Aparna is a Masters in Finance & Control from the University of Delhi.

Amit Jain, the current Chief Risk Officer of BharatPe, will work closely with Kuppuswamy on merchant collections and underwriting.

Commenting on the appointment, Nalin Negi, CFO and interim CEO, BharatPe said, “Kuppuswamy with her in-depth understanding of all facets of risk strategy, credit policy and portfolio management, as well as extensive industry and product knowledge, will play a vital role in the next phase of our growth story as well as helping us in becoming IPO ready. Her expertise in managing the technology risk will ensure we build highly secure products for our merchant partners and consumers.”

"We are committed to address the $380 billion credit gap for MSMEs and small merchants. Kuppuswamy will play a vital role in the next phase of our growth story as well as helping us in becoming IPO ready, " said Negi.

At SBI Cards, she was also a part of the leadership team that took it public.

She also defined the risk appetite framework for the company in partnership with frontline business and operational groups as well as working closely with the Risk Management Committee of the Board.

“I am really excited to be a part of the promising organization and spearhead the risk and credit strategy for the BharatPe Group of companies. I look forward to working with the team to build new products that will make a huge impact on millions of unbanked and underserved businesses and play a key role in making India a truly Digital economy,” Kuppuswamy said.

BharatPe controversy

The controversy at the major fintech giant BharatPe started when it hired Alvarez & Marsal (A&M) to conduct a governance review of the company. The report's contents were leaked, and as a result of the resulting squabble, BharatPe's head of controls and Ashneer Grover's wife, Madhuri Jain Grover, was fired from the firm.

Grover quit the company a few months later, sparking a public feud in which both BharatPe and Grover took digs at one another. BharatPe eventually hauled Grover, his wife, and other family members to court in late 2022 in an INR 88.7 Cr defamation complaint.

Meanwhile, BharatPe has filed a criminal case with the Economic Offences Wing (EoW) against the Grovers on 17 counts, including alleged criminal breach of trust, forgery, and document fabrication.

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