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Ashneer Grover's allegations frivolous, attempts to malign us: BharatPe

Business TodayBusiness Today · 1y ago
Ashneer Grover's allegations frivolous, attempts to malign us: BharatPe
Medial

Fintech company BharatPe has dismissed allegations of fraudulent activity made by former co-founder Ashneer Grover. Grover claimed that the company intentionally engaged in fraud by bringing back a convicted individual to its ownership structure in order to secure licences. BharatPe has called the allegations baseless and a means to malign the company, stating that it will continue to pursue legal action against Grover. The company also emphasised its commitment to transparency, governance and building a sustainable business. BharatPe is a joint-venture partner in Unity Small Finance Bank and has received in-principle approval from regulators for its payments aggregator business.

Ashneer Grover writes to RBI seeking probe into BharatPe’s shareholding, licence applications

Economic TimesEconomic Times · 1y ago
Ashneer Grover writes to RBI seeking probe into BharatPe’s shareholding, licence applications
Medial

Ashneer Grover, former MD of BharatPe, has written to the Reserve Bank of India (RBI), requesting an investigation into the shareholding of the Peak XV-backed company. Grover alleges that BharatPe knowingly "defrauded" the RBI by bringing back Bhavik Koladiya, previously convicted of wire fraud in the US, to the company's cap table after securing licenses. Grover questions if Koladiya's presence during the license application would have affected BharatPe's eligibility for a stake in Unity Small Finance Bank or acquiring Liquiloans. He demands revocation of licenses, banning of directors, blacklisting of associated venture firms, and monetary penalties if found guilty.

Exclusive: Jar enters UPI payments through BharatPe and Unity Bank

EntrackrEntrackr · 1m 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.

Exclusive: BharatPe increases its stake in Trillion Loans to 60%

EntrackrEntrackr · 11m ago
Exclusive: BharatPe increases its stake in Trillion Loans to 60%
Medial

Fintech unicorn BharatPe has invested around $8-9 million in its non banking financial (NBFC) arm Trillion Loans and increased its stake in the Mumbai-based firm to nearly 60%, two sources told Entrackr. In May 2023, BharatPe acquired a majority 51% stake in Trillion Loans. The Tiger Global-backed firm also appointed Ravindra Pandey, Nalin Negi and Sabyasachi Senapati to the board of the NBFC firm. The investment appears to be a move for instilling confidence among its external stakeholders, including the lending community and equity holders. “Trillion Loans is now valued at $100 million. BharatPe is planning to fully acquire 100% stake in Trillion NBFC by next 24 months,” said a source who requested not to be named. The person added that BharatPe is also pushing very hard to increase its stake in Unity Small Finance Bank to get more control. Currently, BharatPe owns 49% in Unity SFB whereas Centrum Group owns the remaining 51% stake. Earlier this year, BharatPe raised a larger debt round while Trillion Loans closed a separate debt from Credit Saison. Entrackr exclusively reported the development then. “The investment will enable Trillion Loans to pursue new opportunities, leverage its capital, and operate within comfortable regulatory limits,” said another source who also wished not to be named. BharatPe declined to comment on the story. BharatPe raised its last equity round in August 2021. As per media reports, it was in talks to raise a larger equity round. While the equity funding did not materialize, it has raised multiple debts in the past three years. The company is also likely to be profitable on a consolidated basis in the ongoing fiscal year (FY25). BharatPe’s operating revenue reportedly increased by 16% to Rs 1,370 crore in FY24 while its losses shrank 70% to Rs 270 crore in FY24.

BharatPe CTO Pankaj Goel resigns

EntrackrEntrackr · 2m ago
BharatPe CTO Pankaj Goel resigns
Medial

Pankaj Goel, who joined BharatPe as Chief Technology Officer (CTO) in July 2023, has stepped down from his position, according to sources familiar with the matter. His departure comes after a tenure of less than two years at the Delhi-based fintech unicorn. “Pankaj Goel tendered his resignation earlier this week citing personal reasons, and BharatPe has accepted it,” said a source requesting anonymity. “He is currently serving his notice period.” At BharatPe, Goel was responsible for leading the technology team and spearheading the innovation strategy across the group of companies. His appointment filled a seven-month vacancy following the resignation of former CTO Vijay Aggarwal in November 2022. Prior to his stint at BharatPe, he served as the Head of Payments Engineering at Razorpay, where he played a pivotal role in scaling the company's total payment volume (TPV) from $1 billion to $100 billion. Before Razorpay, Goel held leadership positions at Intuit, Trilogy, and Sun Microsystems. Earlier this year, BharatPe’s Chief Marketing Officer, Parth Joshi, resigned to launch his own venture. According to sources, Goel may also explore entrepreneurial opportunities in the coming months. Queries sent to BharatPe did not elicit an immediate response. We'll update the post in case we hear from them. The development comes soon after BharatPe achieved a break-even at the EBITDA level (adjusting for employee stock options) during the first nine months of FY25. The company’s net losses declined to Rs 148.8 crore in 9M FY25 from Rs 492 crore in FY24. Last month, BharatPe’s subsidiary Resilient received the final approval from the Reserve Bank of India (RBI) to operate as an online Payment Aggregator (PA). With this, BharatPe becomes one of the few Indian fintechs with an NBFC license (Trillion Loans), a stake in a Small Finance Bank (Unity SFB), and now a PA license.

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