Startupidia

BharatPe

BharatPe is an Indian financial technology company that provides UPI-based payment solutions and financial services primarily for small and medium-sized merchants. Founded in 2018, the company is headquartered in Gurugram, Haryana, and focuses on enabling digital payments through interoperable QR codes with zero merchant discount rates (MDR). BharatPe also offers merchant financing, point-of-sale (POS) systems, and consumer fintech products. The company has grown to serve over 10 million merchants across 300 cities in India, processing significant UPI transaction volumes. BharatPe has raised substantial funding and achieved unicorn status in 2021, despite facing leadership controversies and legal challenges. Its mission is to drive financial inclusion for Indian merchants through innovative and accessible financial solutions.[1]

BharatPe
Company typePrivate
IndustryFintech
FoundedMarch 2018; 7 years ago (2018-03)
FounderAshneer Grover, Shashvat Nakrani, Bhavik Koladiya
HeadquartersGurugram, Haryana, India
Key people
Nalin Negi (CEO)
ProductsUPI QR code payments, BharatSwipe, merchant loans, postpe
Revenue₹1,787.8 crore (FY25, first nine months)
Number of employees
1,300 (2025)
Websitebharatpe.com

Founders & Leadership

BharatPe was co-founded by Ashneer Grover, Shashvat Nakrani, and Bhavik Koladiya in 2018.

  • Ashneer Grover: A graduate of IIT Delhi and IIM Ahmedabad, Grover served as CEO until his resignation in February 2022. Previously, he was CFO at Grofers and led corporate development at American Express India. Grover gained public recognition as a judge on Shark Tank India.[2]
  • Shashvat Nakrani: An IIT Delhi alumnus, Nakrani is a co-founder and was instrumental in developing BharatPe’s interoperable QR code solution. He held a significant shareholding and remained active in the company post-2022.[3]
  • Bhavik Koladiya: Also an early co-founder, Koladiya played a key role in securing initial funding but resigned in August 2022 following Grover’s exit.[4]
  • Nalin Negi: Appointed CEO in April 2024 after serving as interim CEO and CFO since January 2023. Negi has been pivotal in stabilizing the company post-controversies.[5]

Timeline

Year Milestone
2018 BharatPe founded by Ashneer Grover, Shashvat Nakrani, and Bhavik Koladiya. Launched India’s first interoperable UPI QR code.[6]
2019 Raised $65 million in Series A and B rounds. Expanded merchant base to 2 million.[7]
2020 Launched BharatSwipe, India’s first zero-fee POS machine. Reached 6 million merchants.[8]
2021 Achieved unicorn status with $370 million Series E funding. Valued at $2.85 billion.[9]
2022 Ashneer Grover resigned amid controversies. Bhavik Koladiya resigned. Ranked 4th in UPI transactions.[10]
2023 Acquired 51% stake in Trillion Loans. Filed legal action against Grover for alleged fraud.[11]
2024 Nalin Negi appointed CEO. Settled legal dispute with Grover. Expanded credit offerings.[12]
2025 Reported revenue of ₹1,787.8 crore for first nine months of FY25.[13]

Funding

Date Round Amount Investors
July 2018 Seed $2.5M Sequoia Capital, Beenext Capital
August 2019 Series B $50M Sequoia Capital, Beenext Capital, Insight Partners
February 2020 Series C $75M Coatue, Ribbit Capital, Steadview Capital
August 2021 Series E $370M Tiger Global Management, Dragoneer Investment Group
December 2024 Debt Financing $15M Neo Group, Trifecta Capital, Alteria Capital
May 2025 Debt Financing Undisclosed Undisclosed

[14][15]

Business Model

BharatPe operates a B2B and B2C model, focusing on small and medium-sized merchants, particularly kirana stores, and consumers. Its primary revenue streams include:

  • Merchant Lending: BharatPe partners with NBFCs like LiquiLoans and LenDenClub to offer unsecured loans ranging from ₹20,000 to ₹7 lakh, with a 2% monthly interest rate. Loan repayments are deducted from daily QR transactions, achieving a 96% repayment rate.[16]
  • UPI and POS Transactions: Provides zero MDR UPI QR code payments and BharatSwipe POS machines, earning revenue through transaction volumes and partnerships.[17]
  • Consumer Products: Offers fintech products like postpe for consumer credit, generating interest-based revenue.[18]

Products / Services

  • UPI QR Code Payments: Interoperable QR codes enabling merchants to accept payments from any UPI app without transaction fees.[19]
  • BharatSwipe: Zero-fee POS machine for card payments, launched in 2020.[20]
  • Merchant Loans: Unsecured loans for merchants, facilitated through NBFC partnerships.[21]
  • postpe: A consumer credit product for bill payments and purchases.[22]
  • BharatPe Card: A credit line product for merchants and consumers.[23]
  • Secured Loans: Introduced in 2024, including two-wheeler loans and loans against mutual funds.[24]

Growth & Metrics

As of 2025, BharatPe serves over 10 million merchants across 300+ cities in India, processing over 106 million UPI transactions monthly. The company reported a consolidated revenue of ₹1,787.8 crore for the first nine months of FY25, a 39% increase from ₹1,426 crore in FY24. Its POS business processes over ₹900 crore monthly. BharatPe has disbursed loans worth over ₹4,500 crore by 2023. The company employs 1,300 people and achieved adjusted EBITDA breakeven in FY25. BharatPe ranks fourth in UPI transactions behind PhonePe, Google Pay, and Paytm.[25][26]

Legal Entity Information

  • Legal Name: Resilient Innovations Private Limited
  • Foundation Date: March 2018
  • Registrar of Companies: RoC-Delhi
  • Corporate Identification Number (CIN): U74999DL2018PTC330373
  • Registered Address: Plot No. 94, Pocket-4, Sector-11, Dwarka, New Delhi, Delhi 110075, India
  • Company Status: Active

[27]

Media & Public Recognition

BharatPe was named 'Fintech Company of the Year' at the India Banking Summit & Awards 2022.[28] The company has been featured in publications like TechCrunch, Business Standard, and Fortune India for its rapid growth and innovative business model.[29][30] BharatPe’s collaboration with nasscom to support women entrepreneurs in Maharashtra was highlighted in 2024.[31]

FAQs

What is BharatPe’s primary service?
BharatPe provides interoperable UPI QR code payments with zero transaction fees, alongside merchant financing and POS solutions.
Who founded BharatPe?
The company was founded by Ashneer Grover, Shashvat Nakrani, and Bhavik Koladiya in 2018.
How does BharatPe make money?
It earns revenue through merchant lending, consumer credit products, and transaction-based partnerships.
What controversies has BharatPe faced?
The company faced legal disputes with co-founder Ashneer Grover over alleged fund misappropriation, settled in 2024.
What is BharatPe’s market position?
It is the fourth-largest UPI player in India, behind PhonePe, Google Pay, and Paytm.

External Links

Related Startups

References

  1. ↑ "About Us". BharatPe. Retrieved 20 May 2025.
  2. ↑ "BharatPe Business Model". StartupTalky. Retrieved 20 May 2025.
  3. ↑ "BharatPe Company Profile". YourStory. Retrieved 20 May 2025.
  4. ↑ Singh, Manish. "India's BharatPe raises $50M". TechCrunch. Retrieved 20 May 2025.
  5. ↑ "BharatPe elevates Nalin Negi as CEO". Business Standard. Retrieved 20 May 2025.
  6. ↑ "BharatPe Business Model". Code Brew Labs. Retrieved 20 May 2025.
  7. ↑ Singh, Manish. "India's BharatPe raises $50M". TechCrunch. Retrieved 20 May 2025.
  8. ↑ "BharatPe Company Profile". YourStory. Retrieved 20 May 2025.
  9. ↑ "BharatPe spent Rs 229 Cr". Entrackr. Retrieved 20 May 2025.
  10. ↑ "BharatPe strips Grover of co-founder tag". Times of India. Retrieved 20 May 2025.
  11. ↑ "BharatPe Company Profile". Crunchbase. Retrieved 20 May 2025.
  12. ↑ "BharatPe settles with Ashneer Grover". The Indian Express. Retrieved 20 May 2025.
  13. ↑ "BharatPe 2025 Company Profile". PitchBook. Retrieved 20 May 2025.
  14. ↑ "BharatPe 2025 Company Profile". Tracxn. Retrieved 20 May 2025.
  15. ↑ "BharatPe Company Profile". Crunchbase. Retrieved 20 May 2025.
  16. ↑ "BharatPe Business Model". FinShiksha. Retrieved 20 May 2025.
  17. ↑ "How BharatPe earned rich profits". Fortune India. Retrieved 20 May 2025.
  18. ↑ "BharatPe Case Study". Google Cloud. Retrieved 20 May 2025.
  19. ↑ "About Us". BharatPe. Retrieved 20 May 2025.
  20. ↑ "BharatPe Company Profile". YourStory. Retrieved 20 May 2025.
  21. ↑ "BharatPe Business Model". Code Brew Labs. Retrieved 20 May 2025.
  22. ↑ "BharatPe Case Study". Google Cloud. Retrieved 20 May 2025.
  23. ↑ "BharatPe Business Model". StartupTalky. Retrieved 20 May 2025.
  24. ↑ "BharatPe extends credit offerings". Business Standard. Retrieved 20 May 2025.
  25. ↑ "BharatPe 2025 Company Profile". PitchBook. Retrieved 20 May 2025.
  26. ↑ "BharatPe Case Study". Google Cloud. Retrieved 20 May 2025.
  27. ↑ "BharatPe spent Rs 229 Cr". Entrackr. Retrieved 20 May 2025.
  28. ↑ "BharatPe Case Study". Google Cloud. Retrieved 20 May 2025.
  29. ↑ Singh, Manish. "India's BharatPe raises $50M". TechCrunch. Retrieved 20 May 2025.
  30. ↑ "How BharatPe earned rich profits". Fortune India. Retrieved 20 May 2025.
  31. ↑ "BharatPe's Competitors". Owler. Retrieved 20 May 2025.
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