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BharatPe Ventures Into Consumer Payments Space

Inc42 · 11m ago

BharatPe Ventures Into Consumer Payments Space

The company has unveiled a new digital payments offering to increase its presence in the market. Along with this announcement, they have also rebranded their Postpe app to BharatPe. The UPI service is currently available for Android users on the Play Store.

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

Entrackr

Entrackr · 9m ago

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

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.

BharatPe Turns The Super App Switch On

Inc42 · 11m ago

BharatPe Turns The Super App Switch On

BharatPe has finally jumped into the fintech super app market, but some question if it's a bit too late. The move comes nearly 10 months after the company first announced its foray into the consumer fintech space. With other players already making strides in the super app space, such as PhonePe, CRED, Groww, Google Play, Jio Financial Services, and Flipkart, some wonder if BharatPe's entry is delayed or if it still has a chance to compete. Time will tell how the market receives its offerings.

BharatPe's Merchant Plugin simplifies in-app UPI payments

Inshorts · 6m ago

BharatPe's Merchant Plugin simplifies in-app UPI payments

BharatPe, in collaboration with Unity Bank, has introduced a Merchant Plugin that simplifies in-app payments by integrating in-app UPI payments directly into merchants' applications. According to BharatPe's payment vertical CEO Sandeep Indurkar, it allows in-app payments without the complexities associated with traditional Third-Party Application Provider (TPAP) or API-based approaches.

Sixth Sense Ventures bets on spices brand as another VC scores an exit

VCCircle

VCCircle · 1y ago

Sixth Sense Ventures, a consumer-oriented venture capital firm, has made its entry into the spices category by investing in spice manufacturer Pushp. This investment comes from Sixth Sense's SSIO-III fund and is part of their strategy to back companies in the consumer space. The firm has previously invested in companies like Bira91, Giva, and Neeman's.

Suhail Sameer Backed OTP Ventures Eyes First Close Of Debut Fund At INR 400 Cr

Inc42 · 1y ago

Suhail Sameer Backed OTP Ventures Eyes First Close Of Debut Fund At INR 400 Cr

OTP Ventures, backed by former BharatPe CEO Suhail Sameer, plans to close its debut fund at INR 400 crore by June. The early-stage fund, founded in 2023 by Sameer, Kunal Suri (former FoodPanda managing director), and Saurabh Vashishtha (Simsim co-founder), aims to support startups in the consumer, consumer tech, and fintech sectors. Sameer has previously invested in startups such as Mamaearth, OTO, and Zesty. OTP Ventures' portfolio includes companies like Rupeek, Traya, Fable Street, abcoffee, and NatHabit.

BharatPe Group company gets RBI nod for payment aggregator licence

YourStory

YourStory · 4m ago

BharatPe Group company gets RBI nod for payment aggregator licence

BharatPe Group company Resilient Payments Pvt Ltd received RBI authorisation to operate as an online payment aggregator. The company focuses on expanding in Tier II and III cities where digital payment use is rapidly growing. BharatPe processes Rs 1.7 lakh crore in payments annually and handles Rs 29,000 crore in transactions via its point-of-sale business. The RBI approval uniquely positions BharatPe with multiple financial licences. Plans include launching BharatPe X and expanding investment products.

Razorpay's UPI Verse, India’s EV Dreams Hit A Wall & More

Inc42 · 1m ago

Razorpay's UPI Verse, India’s EV Dreams Hit A Wall & More

Razorpay has expanded into the UPI space by acquiring a majority stake in digital payments startup POP for $30 million. This move marks its entry into the consumer sector, beyond its core B2B focus. Meanwhile, India's electric vehicle (EV) industry faces hurdles related to rare earth elements, essential for manufacturing. The industry seeks solutions to reduce dependence on Chinese supplies, aiming for innovation in EV motor technology to overcome these challenges.

Zaggle to acquire digital banking platform Rio Money for Rs 22 crore - The Economic Times

Economic Times

Economic Times · 10d ago

Zaggle to acquire digital banking platform Rio Money for Rs 22 crore - The Economic Times

Zaggle Prepaid Ocean Services Limited, a leading spend management company in India, is acquiring a 100% stake in the fintech startup Rio Money for Rs 22 crore. Founded in 2023, Rio Money offers EMIs via credit payments on QR codes through a co-branded Yes Bank-Rio RuPay Credit Card. This acquisition marks Zaggle's entry into the consumer credit card space via UPI and strengthens its ongoing partnership with Yes Bank, enhancing their digital payments reach.

Ashneer Grover on Paytm Crisis: 60-year-olds running RBI do not...

Livemint

Livemint · 1y ago

Ashneer Grover on Paytm Crisis: 60-year-olds running RBI do not...

Ashneer Grover, Founder of BharatPe, criticized the Reserve Bank of India (RBI) for its actions against Paytm Payments Bank (PPBL). He called the regulator's actions an "overreach" and expressed disappointment in the lack of legislation for big startups in India. Grover also highlighted the role of Paytm in India's fintech landscape, stating that it paved the way for other fintech ventures like BharatPe. He criticized the RBI's punishment of canceling the license, attributing it to a lack of trust in younger individuals and a belief that fintechs are not important.

Anthill Ventures plans $100 million hybrid fund for Indian startups

Livemint

Livemint · 1y ago

Anthill Ventures plans $100 million hybrid fund for Indian startups

Anthill Ventures plans to launch a $100 million hybrid fund that will support Indian startups in consumer experiences, wellness, and entertainment. The fund will target technology startups and consumer brands, providing debt financing initially with the potential for conversion into equity. Anthill Ventures aims to address the financing challenges faced by startups that are often overlooked by traditional banks. This move comes as the global private credit market gains popularity, offering higher returns for investors. India has attracted significant attention in this space, drawing interest from global firms like Cerberus Capital Management and Varde Partners.

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