Tag: BharatPe

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How BharatPe Revolutionise Payments

The company plans to launch the product in over 100 cities in the first phase and further scale it to more than 450 cities over the next six months….reports Asian Lite news

Fintech company BharatPe on Tuesday launched India’s first all-in-one payment product that incorporates POS (point of sale), QR, and speaker into a single device.

Called BharatPe One, the product is designed to streamline transactions for merchants, offering versatile payment acceptance options including dynamic and static QR code, tap-and-pay and traditional card payment options.

The company plans to launch the product in over 100 cities in the first phase and further scale it to more than 450 cities over the next six months.

“By combining multiple functionalities into one cost-effective device, we’re providing a comprehensive solution tailored to the varied needs of small and medium businesses across diverse sectors,” Nalin Negi, CEO, BharatPe, said in a statement.

As per the company, the device offers a smooth and hassle-free experience for both merchants and customers alike.

It comes equipped with a high-definition touchscreen display, 4G and Wi-Fi connectivity, and is powered by the latest Android operating system. It delivers improved performance and security, the company said.

“We have received an overwhelming response from our merchants in the pilot phase and we reckon that this will be another game changer for the digital payments ecosystem, further consolidating our position as a trailblazer in the fintech industry,” said Rijish Raghavan, Chief Business Officer – PoS Solutions, BharatPe.

Meanwhile, BharatPe on Tuesday announced the elevation of Nalin Negi as its Chief Executive Officer (CEO).

Under him as an interim CEO and CFO, BharatPe recorded 182 per cent increase in revenue from operations in FY23 and clocked October as the first EBITDA positive month.

BharatPe said it will now search for a new CFO.

“Negi’s extensive experience in the fintech industry and the growth witnessed for BharatPe under his leadership, makes him a natural choice to lead the company,” said Rajnish Kumar, Chairman of the Board, BharatPe.

Negi joined BharatPe in 2022. As the CEO, he will focus on leading the company into its next phase of development, driving innovation to empower merchants across the country.

“Going forward, our strategic focus will be on sustained profitability, scaling lending businesses, and launching new merchant-centric products,” said Negi.

“We are committed to building on the strong foundation, fostering financial inclusion and delivering value to our merchants, partners, and stakeholders,” he added.

Prior to joining BharatPe, he held senior leadership positions at financial service companies including SBI Cards and GE Capital.

BharatPe has an entrenched network of over 1.3 crore merchants across more than 450 cities, and is one of the leading players in UPI offline transactions, processing over 370 million UPI transactions.

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Business India News

BharatPe buys controlling stake in Trillion Loans

BharatPe(Photo:Instagram)

BharatPe said it has also infused a substantial amount of investment into Trillion Loans to enable the NBFC to grow its loan book…reports Asian Lite News

Full-stack fintech services provider BharatPe Group on Tuesday announced it has completed a majority stake (51 per cent) acquisition in Trillion Loans, a Mumbai-based non-banking financial company (NBFC), for an undisclosed sum.

The company appointed veteran banker Ravindra Pandey, CFO and interim CEO of BharatPe Nalin Negi and Sabyasachi Senapati, part of the leadership team at BharatPe who heads its banking vertical, on the board of Trillion Loans which will operate as an independent entity with its own team under the supervision of the board.

BharatPe said it has also infused a substantial amount of investment into Trillion Loans to enable the NBFC to grow its loan book.

“We had launched our merchant lending vertical in 2019 and it has grown exponentially over the course of the last 3+ years. Today, we facilitate loans of over Rs 500 crore every month to our merchant partners,” said Shashvat Nakrani, Founder and COO, BharatPe.

“Acquiring controlling stake in Trillion Loans is aligned to the BharatPe Group’s larger purpose and will enable us to facilitate access to capital to a wider set of underserved and unbanked businesses as well as customers,” he added.

Trillion Loans will work independently and will be technology-driven NBFC. It will be open to partner with other fintechs and startups, so as to offer their customers a quick and streamlined experience,” Nakrani added.

Trillion Loans offers a range of secured and unsecured loans to SMEs, including small business loans as well as working capital loans. Additionally, the company also offers a range of products for consumers, such as auto, gold, and education loans.

“I believe that there is a huge opportunity for Trillion Loans to further grow and address the close to US$ 380 billion MSME credit gap as well as meet the diverse consumer credit demand in the country that has the largest youth population in the world,” said Nakrani.

BharatPe currently serves 1 crore merchants across more than 400 cities, the company is a leader in UPI offline transactions, processing over 30 crore UPI transactions per month (annualised transaction processed value of over $24 billion in payments).

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Business India News

BharatPe hit by top-level exits

BharatPe(Photo:Instagram)

This year, the company saw several high-profile exits, including founding member Satyam Nathani, Ashneer Grover…reports Asian Lite News

Fintech platform BharatPe has hit with a fresh wave of resignations at the top level, as its chief technology officer (CTO) Vijay Aggarwal and Rajat Jain, chief product officer (CPO), have quit among others, the company confirmed on Monday.

Apart from them, Nehul Malhotra, head of PostPe at the company, has also moved on.

While Aggarwal, who joined BharatPe in March 2020, will “start his own venture'”, Jain and Malhotra are “also moving out to pursue their own entrepreneurial journey”.

At mid-level, Geetanshu Singla, VP-technology and Manas Poddar, programme manager at BharatPe, have also quit.

In a statement, the company told IANS that “we confirm that Vijay, Rajat, Nehul and Geetanshu are moving on from BharatPe to pursue their entrepreneurial passions”.

“They will continue to ensure a smooth transition of their role to the designated leaders. While it is difficult to part ways with these fantastic leaders, we are also proud of them for having taken the entrepreneurial plunge,” said a BharatPe spokesperson.

This year, the company saw several high-profile exits, including founding member Satyam Nathani, Ashneer Grover (who triggered a major controversy at the platform); Chief Revenue Officer Nishit Sharma; and Head of Institutional Debt Partnerships, Chandrima Dhar, among others.

In August, the fintech platform appointed former SBI Card CFO Nalin Negi as its new chief financial officer, as it prepares for its initial public offering (IPO).

BharatPe reached an all-time high of $20 billion in annualised total payments value (TPV), expanding its footprint to 400 towns and cities.

The company aims to surpass its target of $30 billion in payments by March 2023.

BharatPe now plans to top up its services with other fintech products like BharatSwipe in the second phase over the coming months.

BharatPe facilitated over Rs 3,600 crore in loans in Q1 FY23, registering a growth of 112 per cent over the last quarter (Q4,FY22).

The company said that it has an incredible leadership bench, and has continued to strengthen and build it over the last 12 months, “with key senior hires in product, technology, data science, finance and HR”.

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Business

Ashneer Grover plans to start his own venture

The letter was marked to company investors, along with Chairman Kumar, CEO Sameer and co-founder Shahshvat Nakrani…reports Asian Lite News

Ashneer Grover, co-founder and former Managing Director of fintech platform BharatPe, said that he is planning to start his own venture without seeking funds from the investors.

Grover, who along with his wife Madhuri Jain Grover has been stripped of all company titles over alleged “extensive misappropriation of company funds” and using “company expense accounts” to “enrich themselves and fund their lavish lifestyles”, said he will not go back to investors again.

“I wish to start my own venture with my own money and make it profitable,” he said during the recently-held TiECon-2022 start-up and entrepreneurial event in Chandigarh, according to media reports.

“I don’t want to go to the investors again,” Grover told a panelist, adding that his tussle with BharatPe is a “badly fought corporate battle”.

Ashneer last month threatened a legal action against BharatPe CEO Suhail Sameer and the board for his comments on professional networking platform LinkedIn against his sister Ashima Grover, along with seeking a resignation from Chairman Rajnish Kumar.

In a letter written to BharatPe Board, Ashneer said that Sameer should be “immediately served a show-cause notice for his despicable public behaviour and immediately put on leave of absence to manage the damage to the Brand of the company”.

The letter was marked to company investors, along with Chairman Kumar, CEO Sameer and co-founder Shahshvat Nakrani.

The Ashneer-BharatPe saga, along with some more such incidents (the latest is Singapore-based fashion-tech startup Zilingo) has brought corporate governance in the Indian startup ecosystem to the fore.

Alarmed at the recent fraud allegations at some of its portfolio startups, Sequoia Capital India has said it will continue to respond strongly when it encounters “willful misconduct or fraud”, and take tough action wherever needed.

Sequoia Capital India has said it will continue to have zero tolerance towards proven wrongdoing.

ALSO READ-Ashneer Grover’s profile removed from BharatPe website

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Business India News

BharatPe sacks Ashneer Grover’s wife Madhuri Jain

Global audit firm PwC was also roped in auditing the functioning of the fintech platform during the Grovers’ tenure…reports Asian Lite News

Full-stack fintech platform BharatPe on Wednesday confirmed it has terminated the services of Madhuri Jain Grover, the wife of its Co-founder and Managing Director Ashneer Grover, for alleged financial irregularities during her tenure.

The internal probe found misappropriation of funds during her time at the fintech platform. Madhuri Jain was head of controls at BharatPe.

“We can confirm that the services of Madhuri Jain Grover have been terminated in accordance with the terms of her employment agreement,” the company said in a statement.

Sources earlier told that Madhuri Jain’s contract has been terminated and the reasons for this are “misappropriation of funds and authorisation of inflated bills during her tenure”.

All eyes were now on the Grovers’ next move.

Alvarez and Marsal, a leading management consultant and risk advisory firm, is set to submit its report into financial irregularities at the firm during Grovers’ time soon.

Global audit firm PwC was also roped in auditing the functioning of the fintech platform during the Grovers’ tenure.

The newly-appointed BharatPe CEO Suhail Sameer recently wrote a letter to disgruntled employees, saying that there are some “serious allegations” based on internal complaints which are being reviewed and they must keep their faith in the Board.

While many findings of governance review are “pretty standard”, there are “a couple of more serious allegations”, he wrote, saying the review is still “substantiating the allegations”.

Sameer said that whatever the Board decides, it will be in the best interest of employees, merchants and consumers.

After BharatPe Co-founder and Managing Director Ashneer Grover, facing a controversy for allegedly using inappropriate language against Kotak Mahindra Bank’s staff, took voluntary leave till March-end, his wife Madhuri Jain also went on leave in January.

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