BharatPe
| Type of business | Private company |
|---|---|
Type of site | Financial service |
| Available in | Multilingual |
| Founded | 2018 |
| Headquarters | New Delhi, |
| Area served | India |
| Founder(s) |
|
| Industry | Internet E-commerce |
| Services | UPI payments and digital money lending for merchants |
| Website | bharatpe |
| Registration | Required |
| Current status | Active |
BharatPe is an Indian fintech company that provides digital payment solutions and financial services to small and medium-sized merchants across India. Founded in 2018, BharatPe has gained popularity as one of the players in India's fintech industry.[1]
History
Foundation
BharatPe was founded in 2018 by Ashneer Grover and Shashvat Nakrani, with a vision to simplify financial services for small businesses in India. Grover, a finance professional, previously served as the Chief Financial Officer (CFO) of India's e-commerce marketplace, Flipkart. Nakrani, on the other hand, has a background in technology and previously worked with companies such as McKinsey and Delhivery.
The founders recognized the challenges faced by small merchants in adopting digital payments and accessing credit facilities. They observed that a significant portion of India's merchant community still relied on cash transactions due to the complex and cumbersome nature of existing payment systems. With this insight, BharatPe was born with the aim of bridging the digital divide and empowering merchants with simplified payment solutions.[2]
Growth and expansion
Since 2018, BharatPe has experienced rapid growth and garnered substantial attention in India's fintech ecosystem. The company has secured investments from venture capital firms and investors, leading to expansion and further product development. BharatPe has successfully expanded its presence across various Indian cities.
BharatPe's app and extensive merchant network have contributed to its widespread adoption. As of the latest reports, the company boasts a merchant base exceeding millions, with transactions worth billions of rupees processed through its platform.[citation needed] Furthermore, BharatPe continues to innovate and diversify its product offerings.
2023 data theft allegations
In 2023, Grover, who has left the company, accused his fellow co-founder Bhavik Koladiya of data theft. Grover claimed that Koladiya, who has since left BharatPe, had stolen data of 150 million users.[3]
Products and services
The company offers a range of payment solutions that enable merchants to accept digital payments. The company provides merchants with a QR code-based payment acceptance system that allows customers to make payments using popular digital wallets such as Paytm, PhonePe, Google Pay, and more. Merchants can generate their unique QR codes, which customers can scan to make payments directly from their digital wallets.
The BharatPe payment solutions provide merchants with the convenience of consolidating all their digital payments into a single interface, regardless of the digital wallet used by the customer. This consolidation simplifies the reconciliation process for merchants, enabling them to manage their finances more efficiently.[4][5]
Financial services
BharatPe offers various financial services to merchants, primarily aimed at fulfilling their credit requirements. The company has partnered with financial institutions to provide merchants with quick and hassle-free access to working capital loans. Merchants can apply for loans through the BharatPe mobile app, with the approval and disbursement processes being significantly faster compared to traditional lending institutions.
BharatPe's lending services are tailored to the specific needs of small businesses. The company utilizes transaction data from the payment solutions to assess the creditworthiness of merchants and determine their loan eligibility. This data-driven approach enables BharatPe to extend credit to merchants who may have limited credit history but demonstrate a strong sales track record.
See also
- Fintech
- E-commerce
- Paytm
- PhonePe
- Google Pay
References
- ↑ "BharatPe acquires loyalty platform PAYBACK, aims to expand merchant base to 20 million by 2023". www.cnbctv18.com. 10 June 2021.
- ↑ Abrar, Peerzada (4 August 2021). "BharatPe's valuation crosses $2.85 bn in $370 mn in Series E equity round". Business Standard India.
- ↑ "Ashneer Grover accuses BharatPe co-founder of biggest data theft in India". The Free Press Journal. February 9, 2023.
- ↑ "Valued at $2.85 billion, Bharat Pe raises fresh $370 million in funding led by Tiger Global". The Financial Express. 5 August 2021.
- ↑ Ranjan, Abhinav (10 June 2021). "BharatPe acquires loyalty platform Payback India". www.indiatvnews.com.
External links
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