BharatPe is an Indian fintech company that sells digital payment and financial services to small merchants and Grocery stores.[1][2][3][4]
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."[5]
In 2021, the company acquired Payback India, a "multi-brand loyalty programme".[6][7]
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.[8]
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.[9][10]
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.[11] In November 2023, BharatPe filed a petition against Ashneer Grover for allegedly disclosing confidential information.[12] 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.[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.[4]
References
- ↑ BharatPe acquires loyalty platform PAYBACK, aims to expand merchant base to 20 million by 2023. www.cnbctv18.com(10 June 2021).
- ↑ BharatPe marks close of $100 m debt round, Bureau, BL Bengaluru. BusinessLine(2024-01-19). Retrieved 2024-03-10.
- ↑ BharatPe, MobiKwik see surge in new merchants, Dey, Asmita. The Times of India(2024-02-17). Retrieved 2024-03-10.
- ↑ 4.0 4.1 BharatPe turns profitable 5 years after launch, reports annualised revenue of Rs 1,500 crore, Das, Basudha. Business Today(2023-11-28). Retrieved 2024-03-10.
- ↑ BharatPe's valuation crosses $2.85 bn in $370 mn in Series E equity round. Business Standard India(4 August 2021).
- ↑ Valued at $2.85 billion, Bharat Pe raises fresh $370 million in funding led by Tiger Global. The Financial Express(5 August 2021).
- ↑ BharatPe acquires loyalty platform Payback India. www.indiatvnews.com(10 June 2021).
- ↑ BharatPe elevates Nalin Negi as CEO. Mint(16 April 2024). Retrieved 2024-04-16.
- ↑ BharatPe to now offer collateral-free loans to merchants; partners with OTO Capital, Volt Money. Financialexpress(2024-08-20). Retrieved 2024-08-21.
- ↑ BharatPe launches secured loans for merchants, expands credit offerings.
- ↑ Ashneer Grover accuses BharatPe co-founder of biggest data theft in India(February 9, 2023).
- ↑ BharatPe files petition against Ashneer Grover for divulging confidential information, Banthia, Jyoti. BusinessLine(2023-11-24). Retrieved 2024-03-10.
- ↑ Ashneer Grover settles with BharatPe after ugly legal battle, ends ties to firm. India Today(2024-09-30). Retrieved 2024-12-02.
- ↑ BharatPe nominates Partha Pratim Sengupta to Unity Small Finance Bank board. cnbctv18.com(2023-06-19). Retrieved 2023-08-14.
- ↑ BharatPe gets payment aggregator licence from RBI. The New Indian Express(2023-01-11). Retrieved 2024-06-04.