BharatPe explained
| BharatPe |
| Company Type: | Private |
| Key People: | Nalin Negi (CFO)
Ankur Jain (CPO)
Aparna Kuppuswamy (CRO)
Pankaj Goel (CTO)
Parth Joshi (CMO) |
| Industry: | Internet
E-commerce |
| Type: | Financial service |
| Founder: | Ashneer Grover
Shashvat Nakrani
Bhavik Koladiya |
| Chairman: | Rajnish Kumar |
| Location: | New Delhi |
| Country: | India |
| Area Served: | India |
| Language: | Multilingual |
| Commercial: | Yes |
| Registration: | Required |
| Services: | UPI payments and digital money lending for merchants |
| Revenue: | (FY23)[1] |
| Net Income: | (FY23) |
| Current Status: | Active |
| Parent: | Resilient Innovations Private Limited |
BharatPe is an Indian fintech company that sells digital payment and financial services to small merchants and Grocery stores.[2] [3] [4] [5]
History
According to Peerzada Abrar of Business Standard, "BharatPe was founded in 2018 by Ashneer Grover and Shashvat Nakrani, with the vision of making financial inclusion a reality for Indian merchants."[6]
In 2021, the company acquired Payback India, a "multi-brand loyalty programme".[7] [8]
In April 2024, BharatPe elevated Nalin Negi as its CEO, 15 months after he took over as the interim CEO and CFO in January 2023.[9]
On 20 August 2024, BharatPe announced extending its credit offerings for its merchants to secured loans. The company will now enable secured two-wheeler loans and Loans Against Mutual Funds (LAMF) through lending partners OTO Capital for two-wheeler loans and Volt Money for LAMF.[10] [11]
2023 data theft allegations
In 2023 Ashneer Grover, who had 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.[12] In November 2023, BharatPe filed a petition against Ashneer Grover for allegedly disclosing confidential information.[13]
Investments
BharatPe has a stake in Unity Small Finance Bank.[14]
Subsidiaries
- Loyalty Solutions & Research Private Limited
- Resilient Payments Private Limited[15]
- Resilient Digi Services Private Limited (formerly Resilient TechServ Pvt Ltd)
- Resilient Capital Private Limited
- Trillionloans Fintech Private Limited
PostPe
In October 2021 BharatPe launched the country's first BNPL (Buy Now Pay Later) product.[16]
Notes and References
- News: BharatPe's revenue crosses Rs 1,000 Cr in FY23. 26 January 2023 . Entrackr.
- Web site: BharatPe acquires loyalty platform PAYBACK, aims to expand merchant base to 20 million by 2023 . www.cnbctv18.com . en . 10 June 2021.
- Web site: Bureau . BL Bengaluru . BharatPe marks close of $100 m debt round . BusinessLine . 2024-01-19 . 2024-03-10.
- Web site: Dey . Asmita . BharatPe, MobiKwik see surge in new merchants . The Times of India . 2024-02-17 . 2024-03-10.
- Web site: Das . Basudha . BharatPe turns profitable 5 years after launch, reports annualised revenue of Rs 1,500 crore . Business Today . 2023-11-28 . 2024-03-10.
- News: Abrar . Peerzada . BharatPe's valuation crosses $2.85 bn in $370 mn in Series E equity round . Business Standard India . 4 August 2021.
- Web site: Valued at $2.85 billion, Bharat Pe raises fresh $370 million in funding led by Tiger Global . The Financial Express . 5 August 2021.
- Web site: Ranjan . Abhinav . BharatPe acquires loyalty platform Payback India . www.indiatvnews.com . en . 10 June 2021.
- News: BharatPe elevates Nalin Negi as CEO. 2024-04-16. Mint . 16 April 2024.
- Web site: 2024-08-20 . BharatPe to now offer collateral-free loans to merchants; partners with OTO Capital, Volt Money . 2024-08-21 . Financialexpress . en.
- News: BharatPe launches secured loans for merchants, expands credit offerings .
- News: Ashneer Grover accuses BharatPe co-founder of biggest data theft in India . February 9, 2023 . The Free Press Journal.
- Web site: Banthia . Jyoti . BharatPe files petition against Ashneer Grover for divulging confidential information . BusinessLine . 2023-11-24 . 2024-03-10.
- Web site: 2023-06-19 . BharatPe nominates Partha Pratim Sengupta to Unity Small Finance Bank board . 2023-08-14 . cnbctv18.com . en.
- Web site: 2023-01-11 . BharatPe gets payment aggregator licence from RBI . 2024-06-04 . The New Indian Express . en.
- Web site: Das . Basudha . BharatPe turns profitable 5 years after launch, reports annualised revenue of Rs 1,500 crore . Business Today . 2023-11-28 . 2024-03-10.
