Quick Take
- Exiting Role: Co-Founder & COO (Chief Operating Officer) — effective transition from May 2026
- Next Chapter: “Explore new ideas and ventures” — new startup expected
- Staying On As: Strategic Advisor + Non-Executive Board Director — engaged in fundraising, IPO plans, M&A, and long-term strategy
- BharatPe Context: FY25 PBT Rs 6 Cr (turned profitable); Rs 1,734 Cr revenue; IPO plans active — pre-IPO funding round planned
- Founder Exits So Far: 3rd co-founder departure — Ashneer Grover (2022), Bhavik Koladiya (2022), now Nakrani stepping back
- What’s Next: CEO Nalin Negi leads operations; Nakrani’s board seat ensures IPO continuity; new venture announcement likely by H2 2026
BharatPe, the Gurugram-based fintech unicorn that pioneered India’s interoperable zero-MDR UPI QR code, will see its last remaining active co-founder step back from daily operations. Shashvat Nakrani, who co-founded BharatPe at age 19 while still an IIT-Delhi student and served as its Chief Operating Officer through eight years of explosive growth, governance upheaval, and eventual profitability, has transitioned away from his executive role to “explore new ideas and ventures” — while remaining on the company’s board as a strategic advisor.
The transition, effective from May 2026, positions Nakrani in a non-executive capacity where he will remain involved in fundraising, IPO planning, mergers and acquisitions, and long-term strategy — ensuring continuity at a critical juncture as BharatPe prepares for its public listing.
StartupFeed Insight
- What this signals: Nakrani’s transition is structurally well-timed. BharatPe achieved operational profitability in FY25 — Rs 6 Cr PBT, Rs 141 Cr EBITDA — under CEO Nalin Negi’s leadership. The company no longer needs a hands-on COO-founder to stabilise operations. Nakrani stepping back is a vote of confidence in the professional management team, not a crisis signal.
- For founders: Nakrani’s 8-year run — co-founding BharatPe at 19, navigating the Ashneer Grover controversy, building through governance crisis, and exiting on the eve of profitability and IPO — is a masterclass in founder durability. His structured exit (staying on board) preserves optionality without burning bridges.
- For investors: Nakrani retaining a board seat through IPO is critical. His institutional memory — shareholding history, investor relationships, the Grover litigation context — is irreplaceable during due diligence. Ribbit Capital, Coatue, Insight Partners and other Series E investors will be reassured by his continued presence at the governance level.
- For BharatPe employees: This is continuity, not chaos. Nalin Negi has been the operational CEO since January 2023. Nakrani’s exit from day-to-day management formalises a structure that has been working for over 2 years.
- Our prediction: Nakrani will announce a new fintech or consumer tech venture by Q3 2026, likely in the merchant financial services space — where his BharatPe expertise and existing angel portfolio (Dezerv, The Whole Truth Foods, 19 companies) give him natural deal flow. Watch for a seed round of Rs 20-40 Cr by December 2026.
Profile: Shashvat Nakrani
| Aspect | Details |
| Full Name | Shashvat Nakrani |
| Age | ~28 years (born ~1998, Bhavnagar, Gujarat) |
| Education | B.Tech Textile Technology, IIT Delhi (enrolled 2015; dropped out in 3rd year to build BharatPe) |
| Role at BharatPe | Co-Founder & COO (Chief Operating Officer), 2018–May 2026 |
| New Role | Strategic Advisor + Non-Executive Board Director |
| BharatPe Tenure | 8 years — co-founded March 2018, exiting executive role May 2026 |
| Key Achievement | Co-invented India’s first interoperable zero-MDR UPI QR code; built BharatPe from IIT hostel room to $2.85 Bn valuation |
| Youngest Billionaire | Youngest person on IIFL Wealth Hurun India Rich List 2021 (age 23); est. net worth Rs 1,300+ Cr |
| Angel Investments | 19 startups including Dezerv, The Whole Truth Foods, Fixcraft, Kindlife, NewsReach, Fego.ai, WTF Gyms |
| Other Ventures Founded | Postpe (BNPL product), Twelve Club |
| Exit Reason | “Explore new ideas and ventures” |
| Board Mandate Post-Exit | Fundraising, IPO planning, M&A, long-term strategy |
Nakrani reflected on BharatPe’s journey calling it a “phoenix-like revival” — from building the first All-in-One QR prototype in an IIT Delhi hostel room to becoming India’s only fintech unicorn with an NBFC (Trillionloans), a stake in a Small Finance Bank (Unity SFB), and an online Payment Aggregator licence.
Why Now — The Context Behind the Exit
The timing of Nakrani’s operational exit is not coincidental. Three conditions that would have made a clean exit impossible — governance crisis, operational losses, and an uncertain IPO path — have now been resolved.
| Condition | Status in 2022 | Status in 2026 |
| Governance | Ashneer Grover lawsuit; board turmoil; audit committee investigation | Stable — Nalin Negi as CEO since Jan 2023; governance reset complete |
| Profitability | Rs 342 Cr loss in FY24; Rs 5,590 Cr loss in FY22 | Rs 6 Cr PBT in FY25; Rs 141 Cr EBITDA; PAT positive (excl. ESOPs) |
| Revenue Trajectory | Rs 1,426 Cr (FY24) | Rs 1,734 Cr (FY25) — 17.4% YoY growth |
| IPO Readiness | Not viable — losses, governance issues | Pre-IPO funding round planned; CEO confirmed IPO when markets favour |
| Regulatory Standing | Challenges with RBI PA licence | RBI PA licence received in April 2025; NBFC operational; Unity SFB stake held |
| Legal Matters | Multiple lawsuits (Grover, Koladiya-related) | Ongoing but contained; no material block on IPO process |
Nakrani is leaving the operational helm at the company’s strongest position since its founding — which is precisely the right time to leave.
BharatPe Financial Snapshot — The Numbers Behind the Transition
| Metric | FY24 | FY25 | Change |
| Revenue | Rs 1,426 Cr | Rs 1,734 Cr | +17.4% YoY |
| EBITDA | Negative | Rs 141 Cr | Turned positive |
| Profit Before Tax (PBT) | Rs -342 Cr (loss) | Rs +6 Cr (profit) | Turnaround achieved |
| PAT (excl. ESOPs) | Loss | Positive | First ever PAT-positive year |
| Total Funding Raised | — | $584 Mn | Series E stage |
| Valuation | $2.85 Bn (2021 peak) | $2.7 Bn (current) | Modest correction from peak |
| Employees | ~790 (Aug 2024) | ~884 (Aug 2025) | +12% YoY headcount growth |
| IPO Status | Not on agenda | Pre-IPO round planned; no timeline confirmed | Actively preparing |
BharatPe is the only fintech unicorn in India with a trifecta of regulated entities: an NBFC (Trillionloans), a stake in a Small Finance Bank (Unity SFB), and an online Payment Aggregator licence from RBI. This regulatory moat positions it uniquely ahead of its IPO.
BharatPe’s Founder Exits — A Timeline
| Founder | Co-Founded | Exit Date | Exit Circumstance | Post-Exit Role |
| Bhavik Koladiya | 2018 (original) | July 2022 | Consultant contract ended; moved to Finix Partners | Sold 2.6% stake (via Finix) in 2025 secondary deal |
| Ashneer Grover | 2018 (joined) | March 2022 | Resigned amid financial fraud allegations; ongoing litigation with company | Pursuing independent ventures; legal battles continue |
| Shashvat Nakrani | 2018 (original) | May 2026 (exec role) | Voluntary — to explore new ventures; planned, structured exit | Strategic Advisor + Non-Executive Board Director |
With Nakrani’s operational exit, CEO Nalin Negi — who has led the company since January 2023 — becomes the unchallenged operational head. BharatPe’s transition from a founder-driven startup to a professionally managed pre-IPO company is now complete.
Nakrani’s Strategic Advisor Mandate — What He’s Actually Doing
- Fundraising: Nakrani will support BharatPe’s planned pre-IPO funding round — his founder credibility and investor relationships (Ribbit Capital, Coatue, Insight Partners, Tiger Global, Sequoia) are irreplaceable in these conversations.
- IPO Planning: His presence on the board ensures that BharatPe’s IPO narrative — the origin story, the governance turnaround, the profitability milestone — is told by someone who lived every chapter of it. Institutional investors scrutinise this.
- Mergers & Acquisitions: BharatPe has a track record of strategic acquisitions (Trillion Loans, LiquiLoans stake). Nakrani’s M&A advisory role likely covers evaluating fintech adjacencies that strengthen the IPO story.
- Long-Term Strategy: Vision alignment between the professional management team (Negi) and the founding ethos (Nakrani) is essential to prevent strategic drift — a common risk in post-founder public company transitions.
Who Should Be Watching
| Stakeholder | Why This Matters |
| PhonePe / Razorpay | BharatPe’s IPO trajectory — now on firmer ground with a stable leadership structure — positions it to raise significant pre-IPO capital. This will fund merchant acquisition and loan book expansion, directly intensifying competition. |
| Paytm (One97 Communications) | A BharatPe IPO, framing itself as a profitable fintech unicorn with NBFC + SFB + PA licence, directly challenges Paytm’s post-listing narrative and could attract investors rotating out of Paytm into a cleaner fintech IPO story. |
| BharatPe’s Series E Investors | Ribbit Capital, Coatue, Insight Partners, Tiger Global — all holding positions from the 2021 $370 Mn Series E at $2.85 Bn valuation. The IPO is their primary liquidity event. Nakrani’s board continuity protects their interests. |
| India Fintech Founders | Nakrani’s new venture — likely announced within 6 months — will attract significant angel funding and talent, given his brand. His portfolio (19 companies) and IIT-BharatPe pedigree make him one of the most credible seed-stage fintech angels in India. |
What’s Next
For BharatPe, the immediate task is filing for the pre-IPO funding round that CEO Nalin Negi flagged in August 2025. The company’s FY25 profitability milestone, clean governance structure, and triple regulatory licence moat make it among the more compelling fintech IPO stories in India’s pipeline — pending market conditions.
For Shashvat Nakrani, the next chapter begins at 28 — an age at which most professionals are still building their first significant role. With a Rs 1,300+ Cr estimated net worth, 19 angel investments across fintech and consumer tech, and eight years of building one of India’s most turbulent and ultimately resilient startups, his next venture will attract institutional attention from day one.
The most likely domain: merchant financial services, AI-powered fintech infrastructure, or a consumer fintech product — all spaces where his BharatPe operational DNA and network give him natural right to win. Watch for an announcement by Q3 2026.
What do you think Nakrani builds next? Tell us @StartupFeed_official
BharatPe (Resilient Payments Private Limited) is a Gurugram-based fintech unicorn founded in March 2018 by Shashvat Nakrani and Bhavik Koladiya (Ashneer Grover joined in July 2018). The company has raised $584 Mn across multiple rounds from investors including Ribbit Capital, Coatue Management, Insight Partners, Tiger Global, Sequoia Capital, and others. Current valuation: ~$2.85 Bn (2021) to $2.7 Bn (2026). CEO Nalin Negi has led the company since January 2023. FY25 revenue: Rs 1,734 Cr; PBT: Rs 6 Cr (first profitable year). BharatPe serves 13 Mn+ merchants across India.
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