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{{short description|Indian Financial Technology Company}}
{{Short description|Indian Financial Technology Company}}
{{Use dmy dates|date=August 2020}}
{{Infobox website
{{Infobox website
| name = BharatPe
| name = BharatPe
| logo = BharatPe logo.svg
| screenshot =
| company_type = [[Privately held company|Private]]
| company_type = [[Privately held company|Private]]
| founded = {{start date and age|2018}}
| founded = {{start date and age|2018}}
| key_people = Nalin Negi (CFO)<br/>Ankur Jain (CPO)<br/>Aparna Kuppuswamy (CRO)<br/>Ajit Kumar (CTO)<br/> Parth Joshi (CMO)
| industry = [[Internet]]<br />[[E-commerce]]
| industry = [[Internet]]<br />[[E-commerce]]
| type = [[Financial service]]
| type = [[Financial service]]
| founder = Ashneer Grover<br>Shashvat Nakrani<br>Bhavik Koladiya
| founder = Ashneer Grover<br>Shashvat Nakrani<br>Bhavik Koladiya
| chairman = [[Rajnish Kumar (banker)|Rajnish Kumar]]
| location = [[New Delhi]]
| location = [[New Delhi]]
| country = [[India]]
| country = [[India]]
| area_served = India
| area_served = India
| language = [[Multilingual]]
| language = [[Multilingual]]
| commercial = Yes
| registration = Required
| registration = Required
| users =  
| users =  
| services = UPI payments and digital money lending for merchants
| services = UPI payments and digital money lending for merchants
| net_income = {{INRconvert|-828|c}} (FY22)
| revenue = {{increase}} {{INRconvert|1700|c}} (FY24)<ref>{{cite news |title=BharatPe's revenue crosses Rs 1,000 Cr in FY23|url=https://entrackr.com/2023/12/exclusive-bharatpes-revenue-crosses-rs-1000-cr-in-fy23/ |access-date=26 January 2023 |work=Entrackr}}</ref>
| net_income = {{increase}} {{INRconvert|66|c}} (FY24)
| current_status = Active
| current_status = Active
| parent =  
| parent = Resilient Innovations Private Limited
| subsidiaries =  
| subsidiaries =  
| website = {{URL|https://bharatpe.com/}}
| website = {{URL|https://bharatpe.com/}}
}}
}}


'''BharatPe''' is a fintech company that caters to the small merchants and [[kirana store]] owners of India.<ref>{{Cite web|title=BharatPe all set to crack the merchant's code|url=https://businessindia.co/magazine/bharatpe-all-set-to-crack-the-merchants-code|access-date=2021-06-23|website=businessindia.co|language=en}}</ref> The company offers a range of fintech products including interoperable QR code for UPI payments, Bharat Swipe (POS machine) for card acceptance, and small business financing. It facilitates small merchants to accept payments via UPI ([[Unified Payments Interface]]) for free, through the BharatPe QR code. It also offers merchant loans of up to Rs. 7 lacs for a duration of 3 to 12 months. The other products include and a peer to peer lending product called 12% Club.<ref>{{Cite web|title=BharatPe aims to disburse ₹1,000 crore in loans in next six months|url=https://www.thehindubusinessline.com/money-and-banking/bharatpe-aims-to-disburse-1000-crore-in-loans-in-next-six-months/article32805521.ece|access-date=2021-06-23|website=@businessline|language=en}}</ref> In 2020 they launched Digital Gold product for merchant <ref>{{Cite web|date=2021-08-28|title=STARTUP DIGEST: HC seeks govt reply on WhatsApp's plea on IT rules, BharatPe forays into P2P lending|url=https://www.cnbctv18.com/startup/startup-digest-hc-seeks-govt-reply-on-whatsapps-plea-on-it-rules-bharatpe-forays-into-p2p-lending-china-plans-to-ban-us-ipo-tim-cook-gets-750-mn-payout-10525611.htm|access-date=2021-09-04|website=www.cnbctv18.com|language=en}}</ref><ref>{{Cite web|last=Bureau|first=BW Online|title=BharatPe Launches Brand Campaign with record 11 Cricket Stars as Brand Ambassadors|url=http://businessworld.in/article/BharatPe-Launches-Brand-Campaign-with-record-11-Cricket-Stars-as-Brand-Ambassadors/10-10-2020-330003|access-date=2021-09-26|website=BW Businessworld|language=en}}</ref>
'''BharatPe''' is an Indian [[fintech]] company that sells digital payment and [[financial services]] to small merchants and [[kirana store|Grocery store]]s.<ref>{{cite web |title=BharatPe acquires loyalty platform PAYBACK, aims to expand merchant base to 20 million by 2023 |url=https://www.cnbctv18.com/business/companies/bharatpe-acquires-loyalty-platform-payback-aims-to-expand-merchant-base-to-20-million-by-2023-9611421.htm |website=www.cnbctv18.com |language=en |date=10 June 2021}}</ref><ref name="Bureau 2024 c015">{{cite web | last=Bureau | first=BL Bengaluru | title=BharatPe marks close of $100 m debt round | website=BusinessLine | date=2024-01-19 | url=https://www.thehindubusinessline.com/money-and-banking/bharatpe-marks-close-of-100-m-debt-round/article67756458.ece | access-date=2024-03-10}}</ref><ref name="Dey 2024 v345">{{cite web | last=Dey | first=Asmita | title=BharatPe, MobiKwik see surge in new merchants | website=The Times of India | date=2024-02-17 | url=https://timesofindia.indiatimes.com/business/india-business/bharatpe-mobikwik-see-surge-in-new-merchants/articleshow/107766615.cms | access-date=2024-03-10}}</ref><ref name="Das 2023 i608">{{cite web | last=Das | first=Basudha | title=BharatPe turns profitable 5 years after launch, reports annualised revenue of Rs 1,500 crore | website=Business Today | date=2023-11-28 | url=https://www.businesstoday.in/latest/corporate/story/bharatpe-turns-profitable-5-years-after-launch-reports-annualised-revenue-of-rs-1500-cr-407385-2023-11-28 | access-date=2024-03-10}}</ref>
 
== 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."<ref name=Abrar>{{cite news |last1=Abrar |first1=Peerzada |title=BharatPe's valuation crosses $2.85 bn in $370 mn in Series E equity round |url=https://www.business-standard.com/article/companies/bharatpe-s-valuation-crosses-2-85-bn-in-370-mn-in-series-e-equity-round-121080400340_1.html |website=Business Standard India |date=4 August 2021}}</ref>
 
In 2021, the company acquired Payback India, a "multi-brand loyalty programme".<ref>{{cite web |title=Valued at $2.85 billion, Bharat Pe raises fresh $370 million in funding led by Tiger Global |url=https://www.financialexpress.com/industry/valued-at-2-85-billion-bharat-pe-raises-fresh-370-million-in-funding-led-by-tiger-global/2304447/ |website=The Financial Express |date=5 August 2021}}</ref><ref>{{cite web |last1=Ranjan |first1=Abhinav |title=BharatPe acquires loyalty platform Payback India |url=https://www.indiatvnews.com/business/news-bharatpe-acquires-payback-india-710657 |website=www.indiatvnews.com |language=en |date=10 June 2021}}</ref>
 
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.<ref>{{cite news |title=BharatPe elevates Nalin Negi as CEO|url=https://www.livemint.com/companies/news/bharatpe-names-nalin-negi-as-new-ceo-11713247569750.html |access-date=2024-04-16|work=Mint |date=16 April 2024}}</ref>
 
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.<ref name=":0">{{Cite web |date=2024-08-20 |title=BharatPe to now offer collateral-free loans to merchants; partners with OTO Capital, Volt Money |url=https://www.financialexpress.com/business/sme/bharatpe-to-now-offer-collateral-free-loans-to-merchants-partners-with-oto-capital-volt-money/3587587/ |access-date=2024-08-21 |website=Financialexpress |language=en}}</ref><ref>{{Cite news |title=BharatPe launches secured loans for merchants, expands credit offerings |url=https://www.business-standard.com/companies/news/bharatpe-launches-secured-loans-for-merchants-expands-credit-offerings-124082000657_1.html}}</ref>
 
=== 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.<ref>{{cite news |url=https://www.freepressjournal.in/business/ashneer-grover-accuses-bharatpe-co-founder-of-biggest-data-theft-in-india |title=Ashneer Grover accuses BharatPe co-founder of biggest data theft in India |date=February 9, 2023 |publisher=The Free Press Journal}}</ref>
In November 2023, BharatPe filed a petition against Ashneer Grover for allegedly disclosing confidential information.<ref name="Banthia 2023 o099">{{cite web | last=Banthia | first=Jyoti | title=BharatPe files petition against Ashneer Grover for divulging confidential information | website=BusinessLine | date=2023-11-24 | url=https://www.thehindubusinessline.com/money-and-banking/bharatpe-files-petition-against-ashneer-grover-for-divulging-confidential-information/article67569658.ece | access-date=2024-03-10}}</ref> 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.<ref>{{Cite web |date=2024-09-30 |title=Ashneer Grover settles with BharatPe after ugly legal battle, ends ties to firm |url=https://www.indiatoday.in/business/story/ashneer-grover-settles-legal-dispute-with-bharatpe-ends-all-company-ties-2608545-2024-09-30 |access-date=2024-12-02 |website=India Today |language=en}}</ref>


==History ==
== Investments ==
The firm was co-founded by Ashneer Grover and Shashvnat Nakrani in 2018, with its headquarters in New Delhi, India. In 2020, they signed cricketers [[Rohit Sharma]], Jasprit Bumrah, [[KL Rahul]], Mohammed Shami, [[Ravindra Jadeja]], [[Suresh Raina]], Shreyas Iyer, [[Prithvi Shaw]], Sanju Samson, Yuzvendra Chahal, and [[Shubman Gill|Shubhman Gill]] were signed as BharatPe brand ambassadors <ref>{{Cite web|last=Bureau|first=BW Online|title=BharatPe Launches Brand Campaign with record 11 Cricket Stars as Brand Ambassadors|url=http://businessworld.in/article/BharatPe-Launches-Brand-Campaign-with-record-11-Cricket-Stars-as-Brand-Ambassadors/10-10-2020-330003|access-date=2021-09-26|website=BW Businessworld|language=en}}</ref>. Later in 2020, they hired Suhail Sameer as the group president.<ref>{{Cite web|title=BharatPe Appoints Ex – McKinsey Suhail Sameer as Group President|url=http://bwpeople.businessworld.in/article/BharatPe-Appoints-Ex-McKinsey-Suhail-Sameer-as-Group-President-/13-08-2020-308196|access-date=2021-10-05|website=BW people|language=en}}</ref> In June 2021, [[Reserve Bank of India]] (RBI) issued an In-principle approval to Centrum Financial Services Limited to establish a Small Finance Bank (SFB). with BharatPe.<ref>{{Cite news|last=Mittal|first=Apoorva|title=BharatPe puts in joint bid to acquire PMC Bank|work=The Economic Times|url=https://economictimes.indiatimes.com/tech/startups/bharatpe-puts-in-joint-bid-to-acquire-pmc-bank-report/articleshow/80343036.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst|access-date=2021-06-23}}</ref><ref>{{Cite web|date=2021-06-21|title=Centrum takeover of PMC Bank: What's in store for existing depositors|url=https://indianexpress.com/article/explained/explained-pmc-bank-scam-centrum-money-7366292/|access-date=2021-06-23|website=The Indian Express|language=en}}</ref> Till March 2021, It has expanded its network to 100 cities across India, including tier 2 and 3 cities. The new additions include cities of Guwahati, Vellore, Hosur, Nagpur, Raipur, Bilaspur, Bhubaneswar, tourist hubs like Pondicherry, Amritsar, Varanasi, and Agra.<ref>{{Cite web|last=Writer|first=Staff|date=2021-03-10|title=BharatPe expands to 100 cities in India|url=https://www.livemint.com/companies/news/bharatpe-expands-to-an-additional-100-cities-in-india-11615363739171.html|access-date=2021-09-26|website=mint|language=en}}</ref> In June 2021, They acquired PAYBACK India from American Express and ICICI Investments Strategic Fund. It did not disclose the transaction value.<ref>{{Cite web|last=Bureau|first=Our|title=BharatPe acquires PAYBACK India|url=https://www.thehindubusinessline.com/companies/bharatpe-acquires-payback-india/article34776942.ece|access-date=2021-09-26|website=@businessline|language=en}}</ref> In August 2021, BharatPe changed its leadership and elevated Suhail Sameer as the CEO from group president and Ashneer Grover as the MD.<ref>{{Cite web|last=Aug 14|first=TIMESOFINDIA COM {{!}}|last2=2020|last3=Ist|first3=15:49|title=BharatPe appoints Suhail Sameer as group president - Times of India|url=https://timesofindia.indiatimes.com/gadgets-news/bharatpe-appoints-suhail-sameer-as-group-president/articleshow/77543802.cms|access-date=2021-09-26|website=The Times of India|language=en}}</ref><ref>{{Cite web|last=Aug 14|first=TIMESOFINDIA COM {{!}}|last2=2020|last3=Ist|first3=15:49|title=BharatPe appoints Suhail Sameer as group president - Times of India|url=https://timesofindia.indiatimes.com/gadgets-news/bharatpe-appoints-suhail-sameer-as-group-president/articleshow/77543802.cms|access-date=2021-09-26|website=The Times of India|language=en}}</ref>
BharatPe has a stake in Unity Small Finance Bank.<ref>{{Cite web |date=2023-06-19 |title=BharatPe nominates Partha Pratim Sengupta to Unity Small Finance Bank board |url=https://www.cnbctv18.com/business/companies/bharatpe-partha-pratim-sengupta-unity-small-finance-bank-16972181.htm |access-date=2023-08-14 |website=cnbctv18.com |language=en}}</ref>
==Controversies==
BharatPe got into controversy when it tried to label other competitors like [[Paytm]] as not completely Indian companies because of ownership by companies that are not Indian while calling itself Nationalistic because of complete Indian ownership. The employees of the company distributed pamphlets with such information to compromise the reputation of competitors. [[Mint (newspaper)|The Mint]] reported to have copies of such pamphlets and reported<ref name=":0" />


The competitors responded with law suits and also approached the Reserve Bank of India to stop such activities by BharatPe<ref>{{Cite web|last=Bhalla|first=Tarush|date=2020-09-01|title=BharatPe's taunts on nationalism irk rivals|url=https://www.livemint.com/technology/tech-news/digital-payment-firms-lock-horns-with-bharatpe-11598980420489.html|access-date=2021-06-23|website=mint|language=en}}</ref>The pamphlet distribution was also confirmed by Times of India. The same reported "''BharatPe's actions has incensed rivals, especially Paytm and PhonePe, as they compete more directly than others like Amazon and Google Pay.''"<ref name=":0">{{Cite web|last1=Sep 3|first1=Digbijay Mishra / TNN / Updated|last2=2020|last3=Ist|first3=16:01|title=BharatPe displays 'Indian' tag, dares Paytm, PhonePe - Times of India|url=https://timesofindia.indiatimes.com/business/india-business/bharatpe-displays-indian-tag-dares-paytm-phonepe/articleshow/77898318.cms|access-date=2021-07-10|website=The Times of India|language=en}}</ref>
== Subsidiaries ==
{{Unreferenced section|date=June 2024}}
* Loyalty Solutions & Research Private Limited
* Resilient Payments Private Limited<ref>{{Cite web |last= |first= |date=2023-01-11 |title=BharatPe gets payment aggregator licence from RBI |url=https://www.newindianexpress.com/business/2023/Jan/11/bharatpegets-paymentaggregatorlicence-from-rbi-2536745.html |access-date=2024-06-04 |website=The New Indian Express |language=en}}</ref>
* Resilient Digi Services Private Limited (formerly Resilient TechServ Pvt Ltd)
* Resilient Capital Private Limited
* Trillionloans Fintech Private Limited


The other controversy BharatPe was involved in was with another competitor [[PhonePe]] which is a consumer-focused payments firm but competes with BharatPe for merchant payments on UPI, when the two payment applications fought over the use of words 'Pe'. The matter is to be sought in the courts in July 2021.<ref>{{Cite news|title=PhonePe's battle with BharatPe over suffix set for full trial in July|work=The Economic Times|url=https://economictimes.indiatimes.com/tech/startups/phonepes-battle-with-bharatpe-over-suffix-set-for-full-trial-in-july/articleshow/83242136.cms?from=mdr|access-date=2021-07-10}}</ref>
== PostPe ==
In October 2021 BharatPe launched the country's first BNPL (Buy Now Pay Later) product.<ref name="Das 2023 i608">{{cite web | last=Das | first=Basudha | title=BharatPe turns profitable 5 years after launch, reports annualised revenue of Rs 1,500 crore | website=Business Today | date=2023-11-28 | url=https://www.businesstoday.in/latest/corporate/story/bharatpe-turns-profitable-5-years-after-launch-reports-annualised-revenue-of-rs-1500-cr-407385-2023-11-28 | access-date=2024-03-10}}</ref>


==References==
==References==
{{reflist}}
{{reflist}}


[[Category:Financial services companies of India]]
==External links==
* {{official|https://bharatpe.com/}}
 
{{FinTech in India}}
 
[[Category:Financial services companies established in 2018]]
[[Category:Payment service providers]]
[[Category:Online payments]]
[[Category:Mobile payments in India]]

Latest revision as of 09:44, 19 November 2025


BharatPe
Type of businessPrivate
Type of site
Financial service
Available inMultilingual
Founded2018; 8 years ago (2018)
HeadquartersNew Delhi,
India
Area servedIndia
Founder(s)Ashneer Grover
Shashvat Nakrani
Bhavik Koladiya
ChairmanRajnish Kumar
Key peopleNalin Negi (CFO)
Ankur Jain (CPO)
Aparna Kuppuswamy (CRO)
Ajit Kumar (CTO)
Parth Joshi (CMO)
IndustryInternet
E-commerce
ServicesUPI payments and digital money lending for merchants
RevenueIncrease ₹1,700 crore (US$240 million) (FY24)[1]
Net incomeIncrease ₹66 crore (US$9.3 million) (FY24)
ParentResilient Innovations Private Limited
Websitebharatpe.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]

History[edit | edit source]

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 | edit source]

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[edit | edit source]

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

Subsidiaries[edit | edit source]

  • Loyalty Solutions & Research Private Limited
  • Resilient Payments Private Limited[16]
  • Resilient Digi Services Private Limited (formerly Resilient TechServ Pvt Ltd)
  • Resilient Capital Private Limited
  • Trillionloans Fintech Private Limited

PostPe[edit | edit source]

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

References[edit | edit source]

  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. ↑ 5.0 5.1 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.

External links[edit | edit source]

Template:FinTech in India

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