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BharatPe, a fintech start-up that provides merchants with interoperable UPI QR codes, has raised $15.5 million in Series A funding.
Insight Partners has joined the company’s existing investors, Sequoia and Beenext, in the round.
To expand operations
BharatPe, which was founded in 2018 by Ashneer Grover and Shashvat Nakrani, plans to deploy the funds to scale up its operations and to empower millions of merchants with UPI payment within the next two years.
“Our partnership with BharatPe provides us with a window into one of the fastest-growing fintech markets globally. We are delighted to partner with the team and believe that this investment will further accelerate their adoption in India,” said Vinny Pujji, Insight Partners.
Ashneer Grover, CEO and co-founder of BharatPe, said: “We are ecstatic and thankful to partner with Insight Partners and become their first investment in an India-centered business.
“The funding will fuel our mission of democratising digital payments for merchants, and make UPI a preferred way to pay.”
UPI QR codes
BharatPe provides merchants with interoperable UPI QR codes – one QR code for all payments from UPI on banks. This fintech company is working towards driving the adoption of UPI among merchants, and has established operations in 11 cities – Hyderabad, Bengaluru, Delhi, Pune, Mumbai, Ahmedabad, Indore, Bhopal, Nagpur, Chandigarh, and Jaipur.
“Over the last few months, we have been able to transform payments for over six lakh merchants in India.
“They now have a single QR code for all UPI payments, from any payment app. BharatPe facilitates 10 per cent of overall UPI merchant transactions in the country and accounts for 1 per cent of overall UPI,” Ashneer added.
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