BharatPe is a QR code-based payment app for offline retailers and businesses. It allows merchants to accept UPI payments for ‘FREE’ through the BharatPe QR.
BharatPe empowers the merchants to accept UPI payments for ‘FREE’ through the BharatPe QR. Merchants can sign up instantly and start receiving the funds immediately in their bank account.
BharatPe was founded in 2018 by Ashneer Grover & Shashvat Nakrani. The company is headquartered in New Delhi, Delhi with additional offices in Bangalore, Hyderabad, Mumbai and Pune.
BharatPe operates an eponymous service to help offline merchants accept digital payments. It relies on QR codes built as part of government-backed UPI payments infrastructure.
BharatPe makes payment acceptance simple by offering merchants a single interface for all UPI apps such as PayTM, PhonePe, Google Pay, BHIM, Mobikwik, Freecharge, True Caller and 100 other UPI apps.
BharatPe is a fin-tech company and not a re-seller. They are not an aggregator or payment gateway in the traditional sense. BharatPe works closely with our partner banks to develop custom APIs to enable an extremely simple product for the merchants.
BharatPe has amassed more than 1.5 million merchants on its platform. It processes more than 21 million transactions a month, worth more than $83 million. The firm has more than 2,000 sales people who are adding 400,000 new merchants to BharatPe each month.
BharatPe is backed by Sequoia Capital, Coatue Management, Beenext Capital, Insight Partners, Ribbit Capital, Steadview Capital, InnoVen and others. The company raised $108M in a Series D round on Feb 11, 2021. This brings BharatPe's total funding to $256.7M to date. The Series D round pushed BharatPe's valuation to $900M, from the previously $425M valuation gained in last year.