Fin-tech startup BharatPe has raised $15.5 million from Insight Partners and existing investors Sequoia and Beenext in its Series A round of funding.
The company plans to deploy the funding towards scaling its operations.
“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.
Founded in 2018 by Ashneer Grover and Shashvat Nakrani, the company provides merchants with interoperable UPI QR codes. It claims to have over over 600,000 merchants across 11 cities including Hyderabad, Bangalore, Delhi, Pune, Mumbai, Ahmedabad and Indore among others.
Grover has worked with online grocery delivery firm Grofers in the past as its chief financial officer.
“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 percent of overall UPI merchant transactions in the country and accounts for 1 percent of overall UPI,” said Grover.