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by | Mar 29, 2018 | Tellima

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

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]

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.[10] In November 2023, BharatPe filed a petition against Ashneer Grover for allegedly disclosing confidential information.[11]

Investments

BharatPe has a stake in Unity Small Finance Bank.[12]

Subsidiaries

  • Loyalty Solutions & Research Private Limited
  • Resilient Payments Private Limited[13]
  • 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.[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.
  4. ^ Dey, Asmita (17 February 2024). "BharatPe, MobiKwik see surge in new merchants". The Times of India. Retrieved 10 March 2024.
  5. ^ 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.
  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. ^ "Ashneer Grover accuses BharatPe co-founder of biggest data theft in India". The Free Press Journal. 9 February 2023.
  11. ^ Banthia, Jyoti (24 November 2023). "BharatPe files petition against Ashneer Grover for divulging confidential information". BusinessLine. Retrieved 10 March 2024.
  12. ^ "BharatPe nominates Partha Pratim Sengupta to Unity Small Finance Bank board". cnbctv18.com. 19 June 2023. Retrieved 14 August 2023.
  13. ^ "BharatPe gets payment aggregator licence from RBI". The New Indian Express. 11 January 2023. Retrieved 4 June 2024.

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