BharatPe, a fintech startup which provides interoperable UPI QR codes to Indian merchants, has raised a sum of $15.5 million in funds from its existing investors, Beenext and Sequoia, and Insight Partners in a Series A funding round. The company has said that the funds that were raised will go towards scaling the company’s operations.
Mr. Ashneer Grover, the Co-Founder and Chief Executive Officer of BharatPe, said the funding will help the company fuel its mission of democratising online payments for merchants. The company aims to make paying via UPI the preferred mode of payment for merchants in the country.
BharatPe was co-founded by Mr. Shashvat Nakrani and Mr. Ashneer Grover in the year 2018. The company has established its operations in a number of major Indian cities including Nagpur, Indore, Bhopal, Chandigarh, and Jaipur. The firm has been working towards its mission of helping merchants adopt UPI as a mode of payment since its launch.
Mr. Grover said the company, over the past few months, has transformed payments for more than 6,00,000 merchants in the country. He added that all the merchants now have a QR code for making UPI payments, via any online payment app. He also mentioned that BharatPe is responsible for facilitating 10% of the overall UPI transactions made by merchants and 1% of the overall UPI transactions in the country.
Source: Moneycontrol, The Business Standard