BharatPe CEO Suhail Sameer on Friday told his employees that he understands many are concerned about what they’re reading in the press where some reports are partially true, most of them are unsubstantiated rumours, sources told CNBC-TV18.
Sameer added governance review is being carried out by Shardul Amarchand Mangaldas, Alvarez & Marsel and PwC after the management decided to do a full audit of the governance processes based on some internal complaints.
"Many findings of the review are pretty standard, but there are a couple of more serious allegations as well. The review is still substantiating the more serious allegations. Even as there’s nothing which can't be corrected going forward; it has no bearing on the medium to long term health of the business," he said.
Excl | Full text of BharatPe CEO Suhail Sameer's letter to employees: 'Reports partially true, doing full audit of governance process'
"We expect the review partners to share an interim report with the Board in a couple of weeks. And I request all of you to keep your trust on the Board of BharatPe. We are on an incredible trajectory; we are easily the fastest BNPL product to hit 500 crore TPV. January 2022 was our lifetime best month so far in terms of revenue, as well as on margins."
"RBI also gave us the PMC bank amalgamation approval with Unity in January. Both Centrum and our teams are working hard towards building India's first truly digital bank."
"We have huge amounts of cash in the bank to keep building from here. We have $500 million in the bank (including $100 million we have invested in Unity SFB). We have only spent 130 Mn USD to build what we have built so far at BharatPe. We have 4x the money in the bank than what we have spent so far to build BharatPe in the last 3+ years," said Sameer.
"We are still getting 2-3 new inbound conversation requests every week from funds looking to invest in us. We don't need to raise capital for a foreseeable future."
"It is my commitment (also on behalf of the wider leadership), that we will emerge stronger from all of this. We will set up a town hall with all of you towards the end of February to share more updates about the governance review," he added.