Bengaluru based Fintech startup BharatPe secures $15.5 million in series A round funding from Insights Partners, Sequoia and Beenext

0

A Bengaluru-based fintech startup, BharatPe has announced that “it has raised $15.5 million in series A round funding from Insight Partners and few others.

The Insight Partners led the new round funding with the participation of its existing investors like Sequoia ad Beenext.

BharatPe in its statement said that “The company will use this new round funding for expansion and scaling of its operations inside the country.”

Founded in 2018, BharatPe allows the merchants and business partners to accept the money from any mobile payment apps in India through the UPI QR payment code.

According to the company report, “Till to-date BharatPe have more than 660,000 merchants across 11 cities which includes Hyderabad, Bangalore, Delhi, Pune, Mumbai, Ahmedabad, and Indore.

Speaking on the investment in BharatPe, Vinny Pujji of Insight Partners said: “Our partnership with BharatPe provides us with a window into one of the fastest growing fintech market globally.”

“We are delighted to partner with the team and believe that this investment will further accelerate their adoption in India,” Vinny added.

Where, Ashneer Grover, Co-founder of BharatPe said: “Since the last few months we have witnessed more than 660,000 Indian merchants on our platform, which now they have a single QR code for all the UPI payments through any payment app.”

“Currently BharatPe facilities nearly to 10 percent of overall UPI payment transaction in the country and accounts for 1 percent of overall UPI,” he said.