BharatPe, a QR code-based payment application for the offline payment, has now secured $50 Million in the funding round led by the US-based financial technology-focused investor Ribbit Capital. SteadView Capital has also joined a new investor in the payment startup, which has been valued at $225 million after raising the last funding.
“We are doing about 7 lakh transactions per day, and the aim is to hit 10 lakh transactions per day by Diwali. Our lending product, which was launched three months ago, has seen good traction with almost negligible defaults,” Grover told TOI. According to him, it typically lends to its merchants in the range of Rs 30,000-40,000 for working capital and that it also pushes overall transactions on its volumes. So far, it has given loans of about Rs 10 lakh to its merchants. The ticket size of loans is now growing.
The company which is started in 2018, BharatPe, enabled the merchants to accept the payments via UPI app. This simplifies the hassle of managing several QR codes and bank accounts for the merchants.