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BharatPe raises $15.5 mn in funding from Insight Partners, Sequoia, Beenext

The company is working towards driving the adoption of UPI among merchants, and has established operations in 11 cities including Indore, Bhopal, Nagpur, Chandigarh, and Jaipur

Peerzada Abrar  |  Bengaluru 

upi, digital payment, digital transaction

BharatPe, a fintech startup that provides merchants with interoperable QR codes has raised $15.5 million in Series A funding. has joined the company’s existing investors, and Beenext, in the round. The company said it plans to deploy the funding towards scaling its operations and pursuing its mission of empowering millions of merchants with payments within the next two years.

“The funding will fuel our mission of democratizing digital payments for merchants, and make a preferred way to pay,” said Ashneer Grover, CEO and co-founder of

Vinny Pujji, a senior investment associate at said that the partnership with provides the organisation “a window into one of the fastest growing fintech markets globally”.

Co-founded in 2018 by and Shashvat Nakrani, the company is working towards driving the adoption of UPI among merchants and has established operations in 11 cities including Indore, Bhopal, Nagpur, Chandigarh, and Jaipur.

Grover said that over the last few months, the company has been able to transform payments for over 600,000 merchants in India. They now have a single QR code for all UPI payments, from any payment app. “facilitates 10% of overall UPI merchant transactions in the country and accounts for 1% of overall UPI,” said Grover.

(UPI) has touched nearly 800 million transactions, amounting to Rs 1.3 lakh crore in March, according to the data by the National Payments Corporation of India. Besides NPCI’s BHIM app, a number of private players including banking apps are using UPI for payments. The number of banks that are now live on UPI are 142. The amount transacted through BHIM until February was Rs 5,624 crore.

Earlier this week, tech company Google said that its payment arm Google Pay’s monthly active users have grown three times, from 14 million in March 2018 to 45 million in March 2019. Total money value flowing through Google Pay equals $81 billion at an annualised run-rate level.

First Published: Thu, April 04 2019. 19:58 IST
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