BharatPe
 | |
| Type of business | Private |
|---|---|
Type of site | Financial service |
| Available in | Multilingual |
| Founded | 2018 |
| Headquarters | New Delhi, |
| Area served | India |
| Founder(s) | Ashneer Grover Shashvat Nakrani Bhavik Koladiya |
| Chairman | Rajnish Kumar |
| Key people | Nalin Negi (CFO) Ankur Jain (CPO) Aparna Kuppuswamy (CRO) Pankaj Goel (CTO) Parth Joshi (CMO) |
| Industry | Internet E-commerce |
| Services | UPI payments and digital money lending for merchants |
| Revenue |  ₹1,029 crore (US$120 million) (FY23)[1] |
| Net income |  ₹−941 crore (US$−110 million) (FY23) |
| Parent | Resilient Innovations Private Limited |
| URL | bharatpe |
| Commercial | Yes |
| Registration | Required |
| Current status | Active |
BharatPe is an Indian fintech company that sells digital payment and financial services to small merchants and Grocery stores.[2][3][4][5]
History
[edit]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
[edit]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
[edit]BharatPe has a stake in Unity Small Finance Bank.[14]
Subsidiaries
[edit] |
- 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
[edit]In October 2021 BharatPe launched the country's first BNPL (Buy Now Pay Later) product.[5]
References
[edit]- ^ "BharatPe's revenue crosses Rs 1,000 Cr in FY23". Entrackr. Retrieved 26 January 2023.
- ^ "BharatPe acquires loyalty platform PAYBACK, aims to expand merchant base to 20 million by 2023". www.cnbctv18.com. 10 June 2021.
- ^ Bureau, BL Bengaluru (19 January 2024). "BharatPe marks close of $100 m debt round". BusinessLine. Retrieved 10 March 2024.
{{cite web}}:|last=has generic name (help) - ^ Dey, Asmita (17 February 2024). "BharatPe, MobiKwik see surge in new merchants". The Times of India. Retrieved 10 March 2024.
- ^ a b Das, Basudha (28 November 2023). "BharatPe turns profitable 5 years after launch, reports annualised revenue of Rs 1,500 crore". Business Today. Retrieved 10 March 2024.
- ^ Abrar, Peerzada (4 August 2021). "BharatPe's valuation crosses $2.85 bn in $370 mn in Series E equity round". Business Standard India.
- ^ "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.
- ^ "BharatPe elevates Nalin Negi as CEO". Mint. 16 April 2024. Retrieved 16 April 2024.
- ^ "BharatPe to now offer collateral-free loans to merchants; partners with OTO Capital, Volt Money". Financialexpress. 20 August 2024. Retrieved 21 August 2024.
- ^ "BharatPe launches secured loans for merchants, expands credit offerings".
- ^ "Ashneer Grover accuses BharatPe co-founder of biggest data theft in India". The Free Press Journal. 9 February 2023.
- ^ Banthia, Jyoti (24 November 2023). "BharatPe files petition against Ashneer Grover for divulging confidential information". BusinessLine. Retrieved 10 March 2024.
- ^ "BharatPe nominates Partha Pratim Sengupta to Unity Small Finance Bank board". cnbctv18.com. 19 June 2023. Retrieved 14 August 2023.
- ^ "BharatPe gets payment aggregator licence from RBI". The New Indian Express. 11 January 2023. Retrieved 4 June 2024.