Suhail Sameer has stepped down as the CEO of BharatPe. The fintech has now appointed Nalin Negi its current chief financial officer (CFO) as the interim CEO till a successor is found for Sameer.

BharatPe said in a statement that Sameer will transition from chief executive officer to strategic adviser effective January 7.

While the company did not state the reason behind Sameer’s resignation, a Moneycontrol report said that he is setting up a venture capital fund that will invest in startups.

“Three friends will start (the VC fund) together. Can’t name others as of yet. We have already applied for setting up the management entity. Once that approval comes, we will apply for an AIF (alternative investment fund) licence,” Sameer told Moneycontrol.

“Fund size is a function of how much the three partners can invest (yet to decide). We want to be the single largest investors in our fund,” he added.

Sameer had been overseeing BharatPe after it removed co-founder Ashneer Grover over alleged financial misappropriation. “This (new role forSameer) will ensure a smooth transition for current CFO, Nalin Negi, who has been appointed interim CEO to partner with senior executives to bolster execution in all phases of the company’s business,” BharatPe said. The fintech added that its board of directors has retained a leading executive search firm to assist with succession planning and the critical CEO search.