Bangalore based BharatPe, the QR code-based payment app which helps offline merchants has announced securing $50 million (INR 357 crore). The Series B round has been led by US-based financial technology-focused investor Ribbit Capital and London-based hedge fund. Sequoia Capital, Beenext Capital and Insight Partners, the previous backers of the firm also participated in the latest financing. Prior to this round, the firm has picked up Series A funding in February earlier in the year when BEENEXT and Sequoia Capital India had led $15.5 million round.
Notably, as per TechCrunch, Google and Amazon were also willing to infuse some capital in the firm but the founding team did not dilute their stakes. Launched in 2018 by Ashneer Grover and Shashvat Nakrani, the platform offers QR code-based payment solution to offline retailers and businesses through the mobile app.
Grover, the CEO of the platform while speaking to news daily Times of India about the firm said, “We are doing about 7 lakh transactions per day and the aim is to hit 10 lakh transactions per day by Diwali. Our lending product, which was launched three months ago, has seen good traction with almost negligible defaults.”
The company plans to use the freshly raised capital to add more than 3.5 million new merchants on the platform in the next 12 months. Interestingly, the firm has fielded nearly 2000 sales executives to do the job who is at the moment adding 400,000 merchants every month on the app.
Interesting to see how the firm utilizes the money for their lending offerings as well. BharatPe has been a great story in the Indian startup and the currently raised money is the testimony to that fact.