BharatPe

Last updated

BharatPe
BharatPe logo.svg
Type of business Private
Type of site
 Financial service
Available in Multilingual
Founded2018;7 years ago (2018)
Headquarters New Delhi,
India
Area servedIndia
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 Increase2.svg₹1,700 crore (US$200 million) (FY24) [1]
Net income Increase2.svg₹66 crore (US$7.8 million) (FY24)
Parent Resilient Innovations Private Limited
URL bharatpe.com
CommercialYes
RegistrationRequired
Current statusActive

BharatPe is an Indian fintech company that sells digital payment and financial services to small merchants and Grocery stores. [2] [3] [4] [5]

Contents

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] BharatPe announced on Sep 30 2024 that it had reached a settlement with him. Under this agreement, a portion of his shares will be transferred to the Resilient Growth Trust. Both sides have consented to refrain from any legal proceedings as part of the settlement. [14]

Investments

BharatPe has a stake in Unity Small Finance Bank. [15]

Subsidiaries

PostPe

In October 2021 BharatPe launched the country's first BNPL (Buy Now Pay Later) product. [5]

References

  1. ↑ "BharatPe's revenue crosses Rs 1,000 Cr in FY23". Entrackr. Retrieved 26 January 2023.
  2. ↑ "BharatPe acquires loyalty platform PAYBACK, aims to expand merchant base to 20 million by 2023". www.cnbctv18.com. 10 June 2021.
  3. ↑ 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)
  4. ↑ Dey, Asmita (17 February 2024). "BharatPe, MobiKwik see surge in new merchants". The Times of India. Retrieved 10 March 2024.
  5. 1 2 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.
  6. ↑ Abrar, Peerzada (4 August 2021). "BharatPe's valuation crosses $2.85 bn in $370 mn in Series E equity round". Business Standard India.
  7. ↑ "Valued at $2.85 billion, Bharat Pe raises fresh $370 million in funding led by Tiger Global". The Financial Express. 5 August 2021.
  8. ↑ Ranjan, Abhinav (10 June 2021). "BharatPe acquires loyalty platform Payback India". www.indiatvnews.com.
  9. ↑ "BharatPe elevates Nalin Negi as CEO". Mint. 16 April 2024. Retrieved 16 April 2024.
  10. ↑ "BharatPe to now offer collateral-free loans to merchants; partners with OTO Capital, Volt Money". Financialexpress. 20 August 2024. Retrieved 21 August 2024.
  11. ↑ "BharatPe launches secured loans for merchants, expands credit offerings".
  12. ↑ "Ashneer Grover accuses BharatPe co-founder of biggest data theft in India". The Free Press Journal. 9 February 2023.
  13. ↑ Banthia, Jyoti (24 November 2023). "BharatPe files petition against Ashneer Grover for divulging confidential information". BusinessLine. Retrieved 10 March 2024.
  14. ↑ "Ashneer Grover settles with BharatPe after ugly legal battle, ends ties to firm". India Today. 30 September 2024. Retrieved 2 December 2024.
  15. ↑ "BharatPe nominates Partha Pratim Sengupta to Unity Small Finance Bank board". cnbctv18.com. 19 June 2023. Retrieved 14 August 2023.
  16. ↑ "BharatPe gets payment aggregator licence from RBI". The New Indian Express. 11 January 2023. Retrieved 4 June 2024.
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