Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by BharatPe.
Suffering from code-based payments? At times servers go down and you are unable to make your payment, right? Merchants, retailers, customers, and myriad other businesses and businessmen often suffer from such issues. Embracing digital payment methods is not always smooth though it appears to be most often.
Anyways, now with BharatPe, you can approach your digital payment requirements easily and conveniently without any hassles. Read the BharatPe success story brought out by StartupTalky, which includes the Founders and Team, Business Model, Revenue Model, Funding and Investors, Growth, Competitors, Tagline, Slogan and Logo, Recent News of the brand, and more!
Company Highlights
| Startup Name | Bharatpe |
|---|---|
| Headquarters | Delhi, India |
| Sector | Fintech |
| Founders | Bhavik Koladiya, Shashvat Nakrani |
| Founded | April 2018 |
| Total Funding | $720 mn (January 2022) |
| Revenue | $93.33 mn (Rs 700 crore in FY21) |
| Valuation | $3 bn (January 2022) |
| CEO | Suhail Sameer |
| Website | bharatpe.com |
BharatPe - About
BharatPe - Founders and Team
BharatPe - How Does It Work?
BharatPe - Name, Tagline and Logo
BharatPe - Business Model
BharatPe - Revenue Model
BharatPe - Funding And Investors
BharatPe - Growth
BharatPe - Challenges and Controversies
BharatPe - Competitors
BharatPe - Future Goals
BharatPe - About
BharatPe is a QR code-based payment app for offline businessmen and retailers. The company has its headquarters in New Delhi, but there are around 5 more offices of BharatPe across the country. The app, which allows its users to accept UPI payments for free through the BharatPe QR code, is hugely beneficial for the small merchants and kirana stores and their owners. Along with offering easy and interoperable QR codes for effortless UPI payments, BharatPe also extends Bharat Swipe (POS machine) for card acceptance and small business financing. Furthermore, the company also offers merchant loans of up to Rs 7 lakhs that can be availed for a duration of 3 to 12 months.
BharatPe also owns a peer-to-peer lending platform called 12% Club. BharatPe also launched the Digital Gold product in 2020. This will allow the users to transact for 24-carat gold with 99.5% purity.
The BharatPe app powered by efficient QR code payments helps its users to sign in immediately, and instantly start receiving the funds in their bank account. BharatPe started with a mission to make payments free for all its users. Its intention is to help all.
BharatPe - Founders and Team
BharatPe founders were Ashneer Grover, Bhavik Koladiya, and Shashvat Nakrani. However, with Ashneer's resignation dated February 28, 2022, BharatPe lists Bhavik and Shashvat as its Co-founders.
Ashneer Grover
Ashneer Grover has served as the MD and the Co-founder of BharatPe until he resigned from the company and relinquished his position in it on February 28, 2022. Ashneer is from South Delhi, India, and a graduate of the Indian Institute of Technology, Delhi. He was once the new head of new business at PCJ. Furthermore, he headed Corp Dev for Amex India. He was also previously appointed as the CFO of Grofers.
Ashneer Grover has been in the news after his voice matched with a caller who reportedly hurled abusive language and was thoroughly threatening and ill-tempered while talking with a Kotak Wealth Management employee over the failure to secure financing for Nykaa’s initial share sale. Grover has been asked by the company, BharatPe's board, to take a voluntary absence for two months on January 19, 2022. However, this was not due to his telephone controversy but due to a bigger financial fraud to which he is allegedly connected. Grover was then put on a mandatory leave of absence. This does not only concern Grover but also his wife Madhuri and five others. His wife, Madhuri Jain Grover was also put on leave amidst the government probe. According to the recent news dated February 19, 2022, Madhuri Jain denied that she had tendered any resignation. The board has also admitted that it never sought any resignation from Madhuri Jain. The wife of the beleaguered ex-co-founder Ashneer Grover had been asked by the BharatPe Board to stay on compulsory leave of absence instead from January 10th onwards, as per the Board's recent statement. Madhuri Jain Grover, the wife of Ashneer Grover, who had headed the Controls at BharatPe, was finally terminated from her services due to financial irregularities, as per reports dated February 23, 2022. This termination would mean that she had to part with her stakes in the company due to "misappropriation of finances".
Madhuri Jain recently accused the company co-founder Bhavik Koladiya and CEO Suhail Sameer of merry-making inside the office premises, saying that both of them, along with Shashvat Nakrani, can indulge in their "drunken orgies" without her in the office, while referring herself as a "righteous lady." Furthermore, Madhuri Jain Grover also took a jab at the BharatPe Board of Directors, where she termed them "male chauvinists" along with accusing them of "objectifying women".
The Founder and MD Ashneer Grover is on the radar of the news and media for quite some time now. This is not only for the lowering standards and the toxic culture that Bharatpe exhibits, neither it is related to the rude behavior of Ashneer in the Shark Tank show or on the call with a Kotak employee, which Ashneer is still trying to convince as fake, the financial misconduct seemed a really big thing, which was under scrutiny on behalf of the Board. The figure of the misconduct was reported to be in double-digit crores, as per the reports and the return of Grover to his position or back to the office seemed like a remote possibility. Yes, the reports that BharatPe will likely fire Grover, was ripe since the end of January 2022, according to the close sources. BharatPe had appointed Alvarez & Marsal, a risk advisory firm to conduct an independent audit of the startup’s internal processes and systems on January 31, 2022. Reports also confirmed that Ashneer Grover approached for legal aid in the form of Karanjawala & Co., which is a law firm from Delhi NCR, to secure his position in the company and keep his shareholding of 9.5% intact in the firm.
The Ex-Co-founder and MD of Bharatpe, then demanded Rs 4000 crore from the investors to buy him out, which implied that he needs to be paid a fair market value for his 9.5% stake in the company at a valuation of around $6 billion. "Either I’ll run the company or they buy me out; there is no third option,” said Ashneer. However, eventually, as the events unfolded, which led to the rejection of his arbitration pleas by the Singapore International Arbitration Centre (SIAC) and the key investors turning down Ashneer Grover's offer of selling out his 9.5% stakes in the company, he had to leave the organization. According to the BharatPe board, the resignation of the Founder and MD came in minutes after he received the Board meeting's agenda, which will include the PWC report submission containing the conduct of Grover and the actions that will be taken against him. However, even while he resigned from the company, the former MD and Co-founder of Bharatpe claimed that he would continue to be the “single largest individual shareholder of the company.”
Shashvat Nakrani has recently taken a dig at the Ex-Co-founder and MD Ashneer Grover, by stating that the latter has created a false narrative about the company. This is one of the few occasions where Nakrani has spoken openly about anything. Shashvat had earlier backed BharatPe CEO Suhail Sameer when Grover remarked that he should be expelled from the company. Nakrani has also added that now that they have ended the boardroom fiasco, they should focus on building while staying careful about keeping the culture of the company untainted.
Bhavik Koladiya
Bhavik Koladiya is another Co-founder of BharatPe, who is popularly known as the Group Head - Product and Technology.
Shashvat Nakrani
Shashvat Nakrani is also the Co-founder of BharatPe. He is an IIT Delhi student, batch 2015-19, who got a bachelor's degree in Textile Technology from the Indian Institute of Technology, Delhi. His hometown is Bhavnagar, India.
Suhail Sameer is currently the CEO of BharatPe, which presently operates with more than 1K employees.
BharatPe has appointed an Alvarez & Marsal (A&M) executive as the Chief Financial Officer (CFO) of the fintech startup, confirmed Chairman Rajnish Kumar, as per reports dated April 2, 2022.
BharatPe - How Does It Work?
As you all know almost all of the merchants spend more time on the app BharatPe. In only this way the company increases its amount to about $2000. Lending businesses are always crucial no matter it's small ones or big ones. So, BharatPe's lending business is also crucial like the others.
It operates an eponymous service to help all offline merchants. However, such kind of payment apps nearly makes no money by enabling free transactions on their platforms. Those processing UPI payments can not even charge a small commission to merchants. The BharatPe login and interface are also easy to use. BharatPe credit card can also be created after the merchant account.
Ashwini
BharatPe - Name, Tagline and Logo
The tagline of the company is 'Ab se Dukandar is king'. It also says 'Apne Parivar Aur Shop Ko Rakhe Insured. It has launched India's first UPI Bahi Khata for merchants. It's the first Fintech startup in India enabling merchants to pay offline. The BharatPe logo is the property of the trademark owners.
BharatPe - Business Model
The BharatPe business is an Indian QR code-based payments company that operates on B2B2C model because it helps the customers as well as the merchants or shop owners/retailers and other businessmen/women. The company's app accepts payments from 100+ mobile apps downloaded in the Indian mobiles on India's UPI system by offering businesses a single interoperable QR sticker.
The QR can be scanned by and then payments are accepted from all renowned mobile apps such as PayTm, WhatsApp, Mobikwik, Amazon Pay, BHIM, Google Pay, Freecharge and True Caller. Retailers also get immediate credits for transactions made in their bank accounts on the same day.
In 2021, the cricketers Rohit Sharma, Jasprit Bumrah, KL Rahul, Mohammed Shami, Ravindra Jadeja, Suresh Raina, Shreyas Iyer, Prithvi Shaw, Sanju Samson, Yuzvendra Chahal, and Shubhman Gill were signed as BharatPe brand ambassadors.
12% Club
BharatPe has partnered with the NBFCs, which are approved by the RBI, to launch the 12% Club, the first of its kind investment, consumer lending, and borrowing app. The 12% Club app is a significant step forward into the consumer space for BharatPe and will be a huge benefit for the customers with which:
- Consumers can invest and earn up to 12% of annual interest without any lock-in period.
- They can borrow at a competitive interest rate of 12%.
- Customers can borrow up to Rs 10 lacs through this app.
- They can also avail loans up to Rs 10 lacs without any collaterals for a tenure of up to 3 months
- Furthermore, they can also withdraw their money, partially or wholly anytime and anywhere.
- There will be no processing or pre-payment charges for the loans via this platform.
- The customers can start their investments with as low as Rs 1000 and receive daily credit of interest.
BharatPe is looking forward to achieve an AUM of $100 million and a lending AUM of $50 million from the 12% Club app by the end of the present fiscal.
Lakshya Singh
BharatPe - Revenue Model
The BharatPe revenue model depends on providing its consumers with a digital payments platform and also has got a separate app for its merchant friends where the company credits them for their transactions digitally as mentioned above. It actually sails for providing credits to the merchants with cheaper interests.
The company counts on the interdependent cyclical connection of credit and application usage to boost the revenue on its platform. For a startup company like BharatPe it's important for them to focus especially on the merchant side of their business.
BharatPe announced that the company had witnessed a 7X growth of its annual revenues, which earlier stood at Rs 110 crore during FY20 stood and has currently surged up to Rs 700 crore in FY21.
BharatPe - Funding And Investors
BharatPe funding has raised a total amount of $720 Million in over 12 rounds it has witnessed. The company is looking to raise Rs 1,300 crores in debt, which seems to be the largest debt round for an Indian startup in 2021.
BharatPe has raised an investment of $370 million from Tiger Global Management LLC along with other existing investors like Dragoneer Investment Group, Coatue Management, and Ribbit Capital on August 4, 2021. With this, the fintech startup's valuation has catapulted to $2.85 billion, thereby becoming the 19th unicorn of 2021 so far. Furthermore, this fundraise also lists BharatPe as one of the Top 5 most valued Fintech startups in India.
In the last debt financing round of October 25, 2021, BharatPe successfully raised Rs 100 crores ($13.32 million) from MAS Financial Services Pvt Ltd. The company will use this fund to strengthen its merchant lending vertical. BharatPe is planning to raise around $250 million worth of debt raise by the end of FY22.
| Date | Transaction Name | Money Raised | Lead Investors |
|---|---|---|---|
| October 25, 2021 | Debt Financing | $13.32 million | MAS Financial Services Private Limited |
| August 19, 2021 | Debt Financing | $13.44 million | Northern Arc |
| August 19, 2021 | Debt Financing | $13.44 million | IIFL Wealth |
| August 4, 2021 | Series E | $370 million | Tiger Global Management LLC, Coatue Management and Ribbit Capital |
| August 4, 2021 | Secondary Market | $20 Million | - |
| May 10, 2021 | Debt Financing | $6.7 million | Northern Arc |
| February 11, 2021 | Series D | $108 million | Coatue Management |
| January 6, 2021 | Debt Financing | $33.5 million | Alteria Capital, Innoven Capital and Trifecta Capital |
| February 24, 2020 | Series C | $75 Million | Coatue and Rabbit Capital |
| June 4, 2019 | Series B | $50 Million | Insight Partners, Rabbit Capital |
| February 21, 2019 | Series A | $14.5 Million | Sequoia Capital India |
| October 1, 2018 | Seed Round | $2 Million | BEENEXT and Sequoia Capital India |
BharatPe Ex-Co-founder and MD Ashneer Grover had been surrounded with controversies since the beginning of the year and had been on a leave of absence that was voluntary and eventually turned mandatory by the Board of the company. However, he still holds around 9.5% of the shares of BharatPe, as reported last on February 28, 2022, when he resigned, and will continue to be the "single largest individual shareholder."
The uncertain grounds that Grover was standing on from the end of January, made his coming back to the company almost impossible, but he reiterated that he would not even wish to lose out on the shares that he boasts of. This is why he had hired the Delhi NCR-based law firm Karanjawala & Co. and had also pleaded to SIAC but his resignation was evident, which came in on February 28, 2022.
After the posts vacated by Ashneer and his wife, Madhuri Grover, and the end of the boardroom spat, BharatPe Chairman, Rajnish Kumar asserted on April 2, 2022, that the company will likely bring an IPO in the next 18-24 months.
BharatPe Shareholding Structure as of January 31, 2022:
| Owning Company/Individual | Percentage of Stakes | Value |
|---|---|---|
| Sequoia Capital India | 19.6% | $560 mn |
| Coatue | 12.4% | $354.28 mn |
| Ribbit Capital | 11% | $314.28 mn |
| Beenext | 9.6% | $274.28 mn |
| Ashneer Grover | 9.5% | $271.42 mn |
| Shashvat Nakrani | 7.8% | $222.85 mn |
| Steadview Capital | 4.1% | $117.14 mn |
| Tiger Global | 3.7% | $105.71 mn |
| Others | 22.3% | $637.14 mn |
Alan Joseph
BharatPe - Growth
The BharatPe news and recent studies say that the company is growing rapidly and presently it's the 4th largest player in the UPI portion after Google Pay, PhonePe, and PayTm. And the company has achieved this growth by spending very little money on it. BharatPe is in the 3rd spot in the private POS category. The platform has introduced the digital gold product on its platform for merchants in association with Safegold, which is called BharatPe Gold scheme.
BharatSwipe
It had launched BharatSwipe, its disruptive card payment acceptance machine in the latter half of 2020. BharatSwipe is a zero rental Swipe machine, which is the first of such systems that India has seen, and therefore, it received an overwhelming response right from its inception. The overall business of BharatPe received a huge boost with the introduction of BharatSwipe. The network of the POS business (BharatSwipe) has grown by 25X and has been made available to over 250 cities in the last 12 months, as confirmed by a BharatPe PR dated March 14, 2022. The BharatPe PR also mentioned that the company has already been successful in deploying 1.25 lakh+ BharatSwipe machines across offline shops. BharatPe has achieved such a feat in a short span of around 1.5 years, which is really laudable and can be hailed as the scale-up on POS business that has been witnessed to date in India.
Gold loans for merchant partners
Bharatpe forayed into the secured gold loans segment by announcing the launch of gold loans for its merchant partners on March 14, 2022. The fintech company collaborated with RBI-approved NBFCs to offer gold loans up to Rs. 20 lacs. Furthermore, the rates of gold loans by BharatPe will be competitive to the core at 0.39%. BharatPe has already started offering Gold Loans for its merchants in Delhi NCR, Bangalore, and Hyderabad and is planning to scale this to 20 cities by the end of this year, 2022. The company has also disclosed its plans to facilitate Rs. 500 crores in disbursals by the end of 2022.
Loan Application Process for the merchants
If you are wondering about the loan application process, then the process to apply for loans will be completely digital. Here the merchants applying for loans, would be able to view the best offers for them and then apply for the gold loans via the BharatPe app. These loans will be disbursed within 30 minutes after the assessment process of BharatPe is completed. The Suhail Sameer-led fintech company is offering a branch collection facility and a doorstep service as well, all of which are in partnership with the NBFC partners. The merchants would be able to opt for loans for a duration of 6, 9, and 12 months and can repay them via Easy Daily Instalments (EDI). As per the PR dated March 14, 2022, BharatPe "will also be launching the EMI option for repayment shortly." The QR code-enabled offering of BharatPe gold loans will help ease the gold loan application process and will make it possible with minimal paperwork.
Furthermore, it has also helped the company scale up its business rapidly and contributed around 20% to the overall payments Transaction Processed Value (TPV) of the company. BharatPe has installed over 1 lac BharatSwipe machines across 16 cities in the country that supports transactions of over Rs. 1400 crores every month. Furthermore, it has also received an overwhelming response from small merchants across segments including Kirana store owners, restaurant owners, and entrepreneurs with 4-5 outlets.
BharatPe was valued at $922 million on February 2021, from where it turned into a unicorn on August 4, 2021, when it raised around $370 million in its Series E round from Tiger Global Management, Dragoneer Investment Group, Coatue Management, where it was valued at $2.85 billion. This remarkable episode of growth can sum up that the company witnessed a three-fold jump in its valuation within just six months. BharatPe is now a unicorn, the 19th unicorn startup in 2021, as reported on August 4, 2021, and is counted among the Top 5 most valued Fintech startups in India.
The lending vertical of BharatPe has exponentially increased over the last 1.5 years. The company has already been successful in disbursing over $300 million in unsecured loans to 2 lac+ merchant partners, with an outstanding loan book of over $ 100 million.
Furthermore, the company has been estimated to have boarded around 24 lac+ merchant members on its platform by the end of FY20. This came at a cost though. The merchant acquisitions relied heavily on customer acquisitions and brand development, which includes advertising and promotional activities, thereby resulting in shooting up expenses to Rs 43.2 crore during FY20, which was only at Rs 4.8 crore in FY19, a surge of 9X. Here are some of the growth highlights of BharatPe, as reported on September 16, 2021:
- BharatPe had claims to have disbursed loans worth Rs 150 crore to its member merchants during FY20.
- It has reportedly earned Rs 6.94 crore from its financial assets during the same fiscal.
- The annual expenditure of BharatPe saw around an 895.3% jump, which rose to Rs 229.12 crore during FY20 from Rs 23.02 crore in FY19.
- The company, as assessed, spent Rs 38.44 to earn a single rupee of revenue during the fiscal year, which ended in March 2020.
- The IT costs of BharatPe saw a jump of around 7.3X. It spiked up to Rs 4.06 crore. Furthermore, the legal and professional costs also shot up 6X to Rs 5.2 crore during FY20.
- BharatPe's employee benefit costs, which made up 12.2% of the annual costs, witnessed a surge of 11.1X to Rs 28 crore during FY20.
- The company reported an annual loss of Rs 216.32 crore, ballooning to 9.4X, which was only Rs 23.02 crore in FY19.
- Demonstrating an abysmal EBITDA margin of -1684.4% during FY20, the present cash burn of BharatPe looks like a tough stain on the fabric of the sustenance of the company.
Michelle D’souza
BharatPe - Challenges and Controversies
BharatPe is yet to pay a number of its employees, notes Karan Sarki, Senior Associate IT at BharatPe on April 6, 2022. Sarki has blamed the company for not paying their employees that includes those who have been right from the start of the company. Besides, Karan also mentioned that all of the old admin and staff of BharatPe have been terminated without any reason and have not even been paid off. What's more interesting here is the reply of the Ex-Founder and MD of BharatPe, Ashneer Grover, who asked Suhail Sameer and Hersimran Kaur to look into the matter. Here goes the Linkedin post of Karan Sarki:
2 Posts
BharatPe Fined Again for Invoices to Fake Vendors
The fintech unicorn has been on the radar of the Directorate General of Goods and Services Tax Intelligence (DGGI) for many months now, where the governing body is scrutinising the financial data of BharatPe. The company, which was fined by DCGI in October 2021, was fined again for an amount close to Rs 1.5 cr because of the reports that state that the company has generated invoices for non-existent vendors. BharatPe has to deposit Rs 12.5 cr in total. The Suhail Sameer-led company had to deposit Rs 11.5 cr on the earlier occasion as a penalty.
Ashneer Grover Claimed that the Gold Loan Vertical Launch was his Brainchild
After BharatPe has shaken off the influence of Ashneer Grover when finally the BharatPe Co-founder and MD resigned from the company days after his wife Madhuri was fired by the Board, BharatPe has another controversy raising. This is after the fintech company announced its plans for disbursing gold loans to merchants. The ex-MD Ashneer Grover has again targetted the current CEO, Suhail Sameer, claiming that the idea of launching the gold loans vertical was his and it was Sameer who is credited for the same. Grover claimed that he brought Nikhilesh, who was Grover's colleague back in Kotak and PC Jewellers to foray into the gold loans segment one year back. Along with this, Grover also added that there is an array of other products like the:
- Merchant Stock Option Plan - This was ‘supposed to go live by January 2022’ but has not yet been launched by the fintech giant even on March 2022.
- 3 Month customer interest free EMI product - BharatPe was to launch the ‘3 Month customer interest free EMI product’, which was designed to counter the already existing ‘UNI Cards,’ and would thus, have enabled the fintech major "to help merchants sell items to customers on EMI without the need for a PoS machine."
- UNITY small finance bank depositors - Along with these, Ex-BharatPe MD also mentioned that the UNITY small finance bank depositors were to be provided with a digital interface without which they are highly impeded from accessing their funds. This was also not done by the fintech company.
Grover again took to the media after he was hit because of the Porsche Cayman that he owned after his issue of financial misconduct at BharatPe was ripe. In response, Grover had already criticised Suhail Sameer for buying a BMW Z4 convertible ‘within a year of joining BharatPe'.
Controversies earlier arose when a Bloomberg report, quoting sources, stated that Grover had spent Rs 1 crore on his dining table, which he told his coworkers. Grover even responded to this by tweeting a photo of his dining table and saying that it was ‘not even worth 0.5%’ of the alleged amount.
BharatPe - Competitors
BharatPe competitors are:
Let's look into a few comparisons below -
BharatPe vs albo
- BharatPe is a fintech company that operates a QR based payment app for offline retailers and businesses headquartered in New Delhi with Twitter followers of 4.4k whereas albo is a mobile banking app that helps it's users to manage their money headquartered in Mexico with Twitter followers of 4.9k.
BharatPe vs PhonePe
- BharatPe did merchant transactions worth $76 million and PhonePe did it at worth $1 billion including UPI and cards.
- PhonePe thinks that BharatPe did cheat their name and they went to the court about the matter. The case is still on. Researches say that BharatPe is better than PhonePe especially due to their QR code payment system.
BharatPe vs PayTm
- BharatPe and PayTm both are having almost the same features. They both provide loans after the users complete a certain amount of transaction limit. Both are fully loaded with certain sorts of interesting features, which attract people a lot. PayTm often gives different kinds of offers such as buy 1 get 1 free, etc. Experts say that PayTm is way better than BharatPe because it has got fewer complaints than what BharatPe has.
BharatPe - Future Goals
The company desired something new and it launched a button named Paisa Bolega in 2020. This button converts the shopkeeper's phone into a loudspeaker, announcing the value of the transaction received loudly.
BharatPe says that there will be rising demands of the shopkeepers so to develop their app further and to uplift its performance is their next plan. The company also disbursed around Rs 140 crores recently. The founder of the company said that there has been no development in the loan demand of the shopkeepers recently and so they plan to move forward with it and they think that rental payments and stocking up for inventory payments will soon rise.
BharatPe announced its future plans of scaling up its POS business via a PR dated July 15, 2021. BharatPe, which now stands 3rd when it comes to private POS solutions, plans to expand its POS business, BharatSwipe by 3x. Eyeing growth, BharatPe is aiming to reach $ 6 billion in annualized TPV by the end of FY22. The company is further looking to widen its overall reach by 5x and make BharatSwipe popular across 80 cities in India by the end of the next financial year.
BharatPe is looking forward to scaling up its lending vertical aggressively and achieve around 10x growth in lending by FY23.
The Delhi-based firm was near to crossing the $14 billion mark in annualized total payment value, when last reported in October 2021. BharatPe is now working to ramp up to about $30 billion TPV by March 2023. “Our plan is to build a lending book of about Rs 40,000 crore ($5 billion) in five years,” said the CEO of BharatPe, Suhail Sameer.
Shubham Kumar
FAQs
What is BharatPe app?
A pioneer in UPI payments and digital money lending for merchants. It is a payment solution application exclusively designed for merchants that can accept payments from any UPI payment app through a single BharatPe QR Code.
Who are BharatPe founders?
BharatPe founders initially were Ashneer Grover, Bhavik Koladiya, Shashvat Nakrani. However, Ashneer Grover resigned from the company on February 28, 2022, and relinquished his designations of Co-founder and Managing Director of the firm.
Is BharatPe a government company?
No. BharatPe is a private fintech company.
Who is the owner of BharatPe?
The owner of BharatPe, listed as Co-founders were Ashneer Grover, Bhavik Koladiya, and Shashvat Nakrani until Grover resigned on February 28, 2022.
What is BharatPe Balance?
BharatPe Balance gives the user information on their daily QR collections, balance in investment account, and their available loan limit.
How does BharatPe earn money?
The holding entity of BharatPe, Resilient Innovations Pvt Ltd, and its lending operations have been successful in earning a revenue of Rs 5.96 crore during FY20, in contrast to FY19, when they failed to earn any operating revenue. This income was mainly generated by the small ticket unsecured loans, which are offered to the merchants, and on the collection of commissions on transactions.
Is BharatPe safe to invest in?
Yes, it is safe to invest in BharatPe, as a lot of people use the app on a daily basis.
Is BharatPe Profitable?
BharatPe declared that it had incurred an annual loss of Rs 216.32 crore, which ballooned by 9.4X from Rs 23.02 crore that it witnessed in FY19. The EBITDA margin of BharatPe was reported to be -1684.4% during FY20. BharatPe earned Rs 6 crore worth of annual revenue after spending Rs 229 crore in FY20. So, clearly, the company is not profitable, at least now.
How to delete BharatPe account?
To delete the BharatPe account, a user can go to Settings, and then select the Deactivate account option.
Source :- https://startuptalky.com/ Author :- Anik Banerjee Date :-April 07, 2022 at 09:18AM