BharatPe Co-founder Bhavik Koladiya has left the company to join Finix Partners as Managing Director, his LinkedIn profile revealed.
A BharatPe statement confirming the development said, “Bhavik Koladiya has been associated with BharatPe as an independent consultant to lead our product and technology teams. His contract ended on 31 July 2022 and he expressed his desire to spend time on other assignments outside BharatPe.”
It is reasonable to mention here that Koladiya was officially working as a consultant for BharatPe until he left BharatPe at the end of the year, last month.
With Koladiya’s departure, Nakrani is the only co-founder still associated with BharatPe, following Grover’s much-publicized exit from the fintech major earlier this year.
Bhavik Koladiya, who co-founded BharatPe with Shashvat Nakrani in 2018, was the early-stage face of the fintech unicorn, leading its technology and product team. After Ashneer Grover joined the duo at BharatPe later in 2018, Koldaiya became the largest shareholder in the company with a 42.8% stake in BharatPe.
Subsequent funding rounds diluted everyone’s stake. However, Koladiya is still the largest shareholder in BharatPe with a 5.75% stake held in two parts by Grover and Nakrani. Of Grover’s 8.4% stake, about 3.5% belongs to Koladiya. Nakrani also holds about a 2.25% stake in Koladiya. It should be pointed out here that Koladiya was once convicted in a US credit card fraud case in 2015. This meant that he could not serve as director in the US, further complicating the situation. for future fundraisers.
Therefore, Koladiya’s share in the funding rounds was diluted and Grover and Nakrani held his share.
Incidentally, Koladiya’s LinkedIn profile shows a rather interesting journey through his five-year stint at BharatPe.
Starting as a founder in 2017, his role changed to co-founder and CEO in 2018. After Sequoia invested in BharatPe in 2018, Koladiya lost his co-founder status due to his conviction in 2015, instead being appointed CTO and CPO.
In 2020, Koladiya’s role changed again; this time he was named president of the group. His last update to the role came in July 2022, when he was appointed as an advisor to the founder.
The former Co-founder led BharatPe’s technical and product team from inception. Koladiya was also to handle technical consultancy for Unity Bank, a joint venture between the Center and BharatPe. Resilient Innovations, the parent company of BharatPe, has also set up a new entity to offer Unity Bank’s technology services. In May, Koladiya launched Finix Partners, an advisory firm that will offer services to Unity Bank.
However, a Mint report citing internal sources said that a partnership through Finix Partners is now off the table. The same report also cited that Koladiya’s exit came after “disagreements” with CEO Suhail Sameer.
Quoting sources, the report added that Koladiya has decided to take legal action against former MD and co-founder Grover to get back his shares from him. First, the board asked the two co-founders to resolve the matter between themselves.
However, Koladiya has reportedly been told not to take legal action as settlement talks are underway with Grover. Following this, Koladiya decided to move on, although he had already decided to build something outside of the fintech unicorn he co-founded in 2018.