What is BharatPe? Review of BharatPe

About BharatPe, a UK-based digital bank

For India, the speed of investors' investment is much faster than the speed of economic development. From the perspective of the mobile phone market, India directly skipped feature phones and popularized smartphones. Now, for India's UPI mobile real-time payment, which is only three years old, one year is enough for a company to grow from an unknown to a significant market player.

In 2016, when PhonePe first entered the market, it witnessed Paytm's transformation from a disruptor to a leader. Now, the threat posed by BharatPe seems to be a repeat of that. For the payment market, revenue is a less important metric. Merchants no longer have to bear any costs for accepting electronic payments. Now, companies are pursuing market share.

Function Introduction

The main function of BharatPe is to allow merchants to accept multiple payment applications (Paytm, PhonePe, Google Pay, etc.) through a QR code; and users can view all payments in one application.

Financing

In April 2018, BharatPe completed a $2 million seed round of financing from investors including Sequoia Capital India and Singapore venture capital firm Beenext, as well as Sanjay Rishi, an executive of US payment giant American Express, and Nitin Gupta, co-founder of PayU.

In April 2019, Indian digital payment startup BharatPe announced that it had completed a US$15.5 million (approximately Rs. 107 crore) Series A financing round, led by US investment firm Insight Partners, and participated by Sequoia Capital and Beenext, which had previously invested in the company.

In August 2019, BharatPe, an Indian QR code digital payment startup, announced that it had completed a US$50 million Series B financing round, led by US venture capital firm Ribbit Capital and participated by Steadview Capital.

In February 2020, Indian fintech startup BharatPe received $75 million in Series C funding led by hedge fund firm Coatue Management and venture capital firm Ribbit Capital, with participation from new investor Amplo, as well as existing investors Insight Partners and Steadview Capital.

References

• 1. Digital payment company BharatPe completes $15.5 million Series A financing: White Whale goes to sea [reference date 2019-04-07T16:00:00.000Z]
• 2. Indian digital payment company BharatPe completes $50 million Series B financing: Mobile Payment Network [reference date 2019-08-26T16:00:00.000Z]
• 3. Indian fintech startup BharatPe received $75 million in Series C funding: Sohu [cited on 2020-02-22T16:00:00.000Z]