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BharatPe enters consumer payment space with rebranded postpe

EntrackrEntrackr · 1y ago
BharatPe enters consumer payment space with rebranded postpe
Medial

Fintech firm BharatPe has forayed into consumer payments space with the rebranding of postpe app to BharatPe. The move now pits BharatPe in a direct competition with PhonePe, Google Pay and Paytm in the peer-to-peer (P2P) payments ecosystem. The new app will allow customers to create their UPI ID through the BharatPe app and make payments to individuals as well as merchants, and also pay a host of utility bills. The company has partnered with Unity Bank to enable TPAP (third party application provider). The new BharatPe app also offers the UPI Lite feature, that enables customers to preload online wallet and make transactions of upto Rs 500 across P2P and P2M transactions, without the need of UPI PIN. With a registered network of over 1.3 crore (13 million) merchants, BharatPe is one of the leading players in UPI offline transactions, processing more than 370 million UPI transactions per month. Currently, UPI ecosystem is dominated by PhonePe with more than 48% market share in overall transactions (peer-to-peer and peer-to-merchant). Google Pay and Paytm have around 37% and 8% share, respectively. Besides the trio, a bunch of new UPI apps have also been able clock decent transactions over the past few months. For context, CRED has emerged as the fourth largest player in UPI, accompanied by Axis Bank Apps, Amazon Pay, Navi, ICICI Bank Apps, Fampay by Trio, and Kotak Mahindra Bank Apps. In July, WhatsApp Pay managed to get 11th position ahead of other notable apps such as BHIM, Groww, Slice, MobiKwik and Flipkart UPI. Among the new players, Sachin Bansal-led Navi nearly doubled its transactions from 35 million in June to 68 million in July. It will be interesting to see how BharatPe counters the top players. Meanwhile, NPCI’s move to put a 30% market share cap on third party apps is not going to be implemented anytime soon.

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BharatPe revenue climbs to Rs 1,426 Cr in FY24, losses shrink 50%

EntrackrEntrackr · 1y ago
BharatPe revenue climbs to Rs 1,426 Cr in FY24, losses shrink 50%
Medial

Fintech firm BharatPe has demonstrated remarkable growth over the past three fiscal years, with revenue increasing from Rs 119 crore in FY21 to Rs 1,426 crore in the fiscal year ending March 2024. In its consolidated annual report for FY24, BharatPe claimed a 39% year-on-year revenue increase, rising from Rs 1,029 crore in FY23 to Rs 1,426 crore in FY24. Additionally, the company made significant progress in reducing losses, with consolidated losses dropping by 50% to Rs 474 crore in FY24, down from Rs 941 crore in FY23. According to the press release, BharatPe’s average merchant lending portfolio, generated from loans facilitated through its platform, grew by 40% year-on-year in the last fiscal year. The company also achieved positive EBITDA in October of this year. “We considerably slashed our cash burn in FY24 and are on track to build a sustainable and profitable business. Over the last year, we have been able to partner with renowned financial institutions to extend credit access to merchants, which is a great validation for our business. Going forward, we will focus on growing our lending vertical, launching new offerings across POS, soundbox, and scaling our consumer vertical,” said Nalin Negi, CEO of BharatPe. In addition to reducing losses, BharatPe has diversified into new categories to drive business growth. Recently, the company rebranded its PostPe app to BharatPe, marking its entry into the consumer payments space. This strategic move places BharatPe in direct competition with industry giants like PhonePe, Google Pay, and Paytm in the peer-to-peer (P2P) payments ecosystem. The fintech unicorn has also ventured into secured lending for its merchant partners. Through partnerships with OTO Capital and Vol Money, BharatPe now facilitates two-wheeler loans and loans against mutual funds, respectively. Additionally, BharatPe has resolved its longstanding dispute with former co-founder and managing director Ashneer Grover.

Exclusive: Jar enters UPI payments through BharatPe and Unity Bank

EntrackrEntrackr · 10m ago
Exclusive: Jar enters UPI payments through BharatPe and Unity Bank
Medial

Exclusive: Jar enters UPI payments through BharatPe and Unity Bank Jar’s integration with BharatPe’s TSP platform enables smooth UPI payment processing, while Unity Small Finance Bank facilitates the banking operations required for these transactions. Jar has entered the UPI Third-Party Application Provider (TPAP) services in collaboration with BharatPe as the Technology Service Provider (TSP) and Unity Small Finance Bank as the Payment Service Provider (PSP). According to the National Payments Corporation of India (NPCI) website, Jar will use the UPI handle @jarunity. Jar allows users to invest in digital gold and investors on the platform can convert their digital gold to physical gold anytime in the form of coins or jewelry with the help of the company’s partners. According to the startup intelligence platform TheKredible, Jar has raised over $60 million to date, with a valuation of approximately $325 million. Co-founders Nischay Babu AG and Misbah Ashraf collectively hold a 44.96% ownership stake in the company. Jar’s revenue from operations jumped 5.6 fold to Rs 49 crore in FY24 from Rs 8.7 crore in FY23. During FY24, its total expenditure grew 16.26% to Rs 60.38 crore. Jar has not yet filed its annual report for FY25, but according to its CEO, the company has achieved profitability—though exact figures were not disclosed. In an earlier social media update, he shared that Jar’s annualised revenue run rate (ARR) surged from Rs 23 crore in December 2023 to Rs 270 crore by December 2024. Jar will join the likes of BharatPe, Flipkart UPI, Fampay, Fi Money, Freo, INDmoney, and Super.money, all of which have entered the consumer payments space via UPI since January 2024.

Unity Bank and BharatPe to launch EMI-driven credit card

EntrackrEntrackr · 7m ago
Unity Bank and BharatPe to launch EMI-driven credit card
Medial

BharatPe, a financial services and UPI payments company, has announced the launch of Unity Bank BharatPe Credit Card, in partnership with Unity Small Finance Bank (Unity Bank). The card brings industry-first features designed to make everyday payments including groceries, bill payments, travel, utilities, insurance premiums, and lifestyle spends, both online & offline, smarter and more rewarding. Offered on National Payments Corporation of India (NPCI) RuPay network, the card can be seamlessly linked to UPI, enabling secure and convenient payments across millions of merchants in India. With a zero-fee structure, the card does away with all hidden costs. There are no joining charges, annual fees, processing charges, or foreclosure penalties. Customers also enjoy the flexibility to prepay their EMIs anytime without penalties, making credit access transparent and stress-free. The card offers flexible EMI options of up to 12 months, helping customers manage big-ticket purchases with ease. What truly sets it apart is its unlimited flat 2% rewards (Zillion Coins) on every transaction upon EMI conversion, across all merchant categories and platforms, without restrictions. Zillion Coins can be redeemed via the BharatPe app for brand vouchers, products, or even to pay credit card bills. Kohinoor Biswas, Head – Consumer Business at BharatPe, said, “Our focus has always been to make access to credit simple, transparent, and inclusive. With the Unity Bank BharatPe Credit Card, customers get a truly lifetime free card with no hidden charges. Moreover, linking RuPay Credit Card with UPI opens a multitude of convenient payment options for cardholders.” In April, BharatPe’s subsidiary Resilient secured final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This makes BharatPe one of the few Indian fintech companies to hold an NBFC license (through Trillion Loans), a stake in a small finance bank (Unity SFB), and now a payment aggregator license. Currently, with a registered network of over 2.5 million merchants across over 450 cities, BharatPe processes more than 500 million UPI transactions per month. It processes payments of a monthly Transaction Processed Value of Rs 12,000 crore.

BharatPe appoints Himanshu Verma as Head of POS business

EntrackrEntrackr · 13d ago
BharatPe appoints Himanshu Verma as Head of POS business
Medial

BharatPe appoints Himanshu Verma as Head of POS business Fintech major BharatPe has appointed Himanshu Verma as Head of its POS business. Verma brings over two decades of experience across payments, telecom, and consumer technology, with prior roles at Pine Labs, Freecharge, Indepay Networks, Bharti Airtel, Samsung India, Uninor, and Vodafone. In his most recent role at Pine Labs, he served as Senior Director and National Business Head for Soundbox (Mini), where he led the launch and scale-up of the product. At BharatPe, he will lead the POS vertical, focusing on merchant acquisition, strengthening distribution, and scaling offline payment solutions. The appointment comes as BharatPe increases its focus on offline payments, which continue to see adoption across small merchants and retail businesses. Founded in 2018, BharatPe operates a network of over 1.7 crore merchants across 450 cities. The company processes over 450 million UPI transactions per month, with a monthly transaction value of around Rs 12,000 crore. Its POS business processes over Rs 27,000 crore annually across more than 1.25 lakh devices. BharatPe plans to strengthen its presence in offline payments infrastructure alongside its UPI-led offerings.

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