BharatPe
| File:BharatPe logo.svg | |
| 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) Ajit Kumar (CTO) Parth Joshi (CMO) |
| Industry | Internet E-commerce |
| Services | UPI payments and digital money lending for merchants |
| Revenue | Increase ₹1,700 crore (US$200 million) (FY24)[1] |
| Net income | Increase ₹66 crore (US$7.8 million) (FY24) |
| 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 | 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
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