BharatPe, a fintech startup providing 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.
BharatPe, founded in 2018 by Ashneer Grover and Shashvat Nakrani, plans to deploy the funding towards scaling its operations and pursue its mission of empowering 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, “The funding will fuel our mission of democratizing digital payments for merchants, and make UPI a preferred way to pay.”
This fintech company is working towards driving the adoption of UPI among merchants, and has established operations in 11 cities namely, Hyderabad, Bangalore, Delhi, Pune, Mumbai, Ahmedabad, Indore, Bhopal, Nagpur, Chandigarh, and Jaipur.
“Over the last few months, we have been able to transform payments for over 6,00,000 merchants in India. They now have a single QR code for all UPI payments, from any payment app. BharatPe facilitates 10% of overall UPI merchant transactions in the country and accounts for 1% of overall UPI.” Ashneer added.
BharatPe empowers the merchants to accept UPI payments for ‘FREE’ through the BharatPe QR.
It makes payment acceptance simple by offering a single interface for all UPI apps such as PayTM, PhonePe, Google Pay, BHIM, Mobikwik, Freecharge, True Caller and other UPI apps.
The company aims to become the utility app for 10 mn+ offline merchants in India for all their business needs.