BharatPe CMO Parth Joshi Resigns to Pursue New Venture

Parth Joshi, the Chief Marketing Officer at BharatPe, has announced his resignation to initiate his own business venture, as reported by sources close to the situation. His departure adds to the increasing number of BharatPe executives who have left the company recently to dive into entrepreneurial pursuits.

Background of Parth Joshi

Parth Joshi joined BharatPe as CMO in June 2021. Prior to this role, he held the position of Head of Marketing at Reckitt for over five years. Joshi also accrued three years of experience each at GSK and L’Oréal earlier in his career.

Current Status and Company Response

Sources indicate that Joshi is currently serving his notice period. A spokesperson for BharatPe confirmed this development to Startup Superb, stating that Parth Joshi has chosen to start his entrepreneurial journey, a decision that the company respects. The spokesperson added that BharatPe takes pride in championing a culture of innovation, leadership, and entrepreneurship, wishing Parth the best in his future endeavours.

Recent Executive Departures

Joshi’s exit follows the recent departures of BharatPe’s Chief Human Resources Officer, Smriti Handa, and Chief Data Scientist, Ritesh Mohan Srivastava. Handa is planning to explore career opportunities outside the country, while Srivastava aims to focus on his own entrepreneurial aspirations.

Trends in Executive Exits

Information from various sources reveals that former BharatPe executives and employees have launched nearly a dozen startups and venture funds in the last few years. For instance, in April 2024, Ankur Jain, the former Chief Product Officer at BharatPe, unveiled his new startup, Jivi.ai, which focuses on AI in healthcare. Additionally, Genwise, founded by ex-BharatPe executives Rajat Jain, Geetanshu Singla, and Nehul Malhotra, successfully raised funds in April 2023.

Noteworthy Startups and Ventures

Former BharatPe co-founder and Managing Director Ashneer Grover, along with his wife Madhuri Jain, initiated a fantasy sports platform, CrickPe, and a fintech startup, ZeroPe. Meanwhile, Bhavik Koladiya, another co-founder, has taken the lead as CEO of SaaS startup OTPless. Suhail Sameer, who was the CEO of BharatPe, is currently a managing partner at venture capital firm OTP Venture.

Emerging Ventures

The list of new enterprises includes Dhruv Dhanraj Bahl’s Eternal Capital, which has recently launched a $14.5 million venture capital fund, Saurabh Bhatnagar’s BulkPe, Puneet Sharma’s VegaPay, and Vijay Aggarwal’s CubeAPM.

Future Plans for BharatPe

Recently, Nalin Negi, the CEO of BharatPe, stated that the company is aiming to initiate its initial share sale within the next 18 to 24 months. For the fiscal year ending March 2024, BharatPe reported a revenue of Rs 1,426 crore while managing to cut its consolidated losses by 50% to Rs 474 crore.