BharatPe: Difference between revisions
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In February 2024, BharatPe, received a notice from the Ministry of Corporate Affairs (MCA) under Section 206 of the Companies Act. The notice requested information regarding legal proceedings initiated by the company against its founder, Ashneer Grover.<ref name="Choudhury 2024 j924">{{cite web | last=Choudhury | first=Deepsekhar | title=BharatPe gets Ministry of Corporate Affairs notice under Section 206 in ongoing enquiry | website=Moneycontrol | date=2024-02-06 | url=https://www.moneycontrol.com/news/technology/bharatpe-gets-ministry-of-corporate-affairs-notice-under-section-206-of-companies-act-12207031.html | access-date=2024-03-10}}</ref> |
In February 2024, BharatPe, received a notice from the Ministry of Corporate Affairs (MCA) under Section 206 of the Companies Act. The notice requested information regarding legal proceedings initiated by the company against its founder, Ashneer Grover.<ref name="Choudhury 2024 j924">{{cite web | last=Choudhury | first=Deepsekhar | title=BharatPe gets Ministry of Corporate Affairs notice under Section 206 in ongoing enquiry | website=Moneycontrol | date=2024-02-06 | url=https://www.moneycontrol.com/news/technology/bharatpe-gets-ministry-of-corporate-affairs-notice-under-section-206-of-companies-act-12207031.html | access-date=2024-03-10}}</ref> |
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In April 2024, BharatPe elevated Nalin Negi as its CEO, 15 months after he took over as the interim CEO and CFO in January 2023.<ref>{{cite news |title=BharatPe elevates Nalin Negi as CEO|url=https://www.livemint.com/companies/news/bharatpe-names-nalin-negi-as-new-ceo-11713247569750.html |access-date=2024-04-16|work=Mint |date=16 April 2024}}</ref> |
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=== 2023 data theft allegations === |
=== 2023 data theft allegations === |
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Revision as of 09:02, 20 April 2024
 | |
| Type of business | Private |
|---|---|
Type of site | Financial service |
| Available in | Multilingual |
| Founded | 2018 |
| Headquarters | New Delhi, |
| Area served | India |
| Founder(s) | Ashneer Grover Shashvat Nakrani Bhavik Koladiya |
| Chairman | Rajnish Kumar |
| Key people | Nalin Negi (CFO) Ankur Jain (CPO) Aparna Kuppuswamy (CRO) Pankaj Goel (CTO) Parth Joshi (CMO) |
| Industry | Internet E-commerce |
| Services | UPI payments and digital money lending for merchants |
| Revenue |  ₹1,029 crore (US$120 million) (FY23)[1] |
| Net income |  ₹−941 crore (US$−110 million) (FY23) |
| Parent | Resilient Innovations Private Limited |
| URL | bharatpe |
| Commercial | Yes |
| Registration | Required |
| Current status | Active |
BharatPe is an Indian fintech company that sells digital payment and financial services to small merchants and Grocery stores.[2][3][4][5]
History
According to Peerzada Abrar of Business Standard, "BharatPe was founded in 2018 by Ashneer Grover and Shashvat Nakrani, with the vision of making financial inclusion a reality for Indian merchants."[6]
In 2021, the company acquired Payback India, a "multi-brand loyalty programme"[7][8]
In February 2024, BharatPe, received a notice from the Ministry of Corporate Affairs (MCA) under Section 206 of the Companies Act. The notice requested information regarding legal proceedings initiated by the company against its founder, Ashneer Grover.[9]
In April 2024, BharatPe elevated Nalin Negi as its CEO, 15 months after he took over as the interim CEO and CFO in January 2023.[10]
2023 data theft allegations
In 2023 Ashneer Grover, who had left the company, accused his fellow co-founder Bhavik Koladiya of data theft. Grover claimed that Koladiya, who has since left BharatPe, had stolen data of 150 million users.[11] In November 2023, BharatPe filed a petition against Ashneer Grover for allegedly disclosing confidential information.[12]
Investments
BharatPe has a stake in Unity Small Finance Bank.[13]
Subsidiaries
- Loyalty Solutions & Research Private Limited
- Resilient Payments Private Limited
- Resilient Digi Services Private Limited (formerly Resilient TechServ Pvt Ltd)
- Resilient Capital Private Limited
- Trillionloans Fintech Private Limited
PostPe
In October 2021 BharatPe launched the country's first BNPL (Buy Now Pay Later) product.[5]
References
- ^ "BharatPe's revenue crosses Rs 1,000 Cr in FY23". Entrackr. Retrieved 26 January 2023.
- ^ "BharatPe acquires loyalty platform PAYBACK, aims to expand merchant base to 20 million by 2023". www.cnbctv18.com. 10 June 2021.
- ^ Bureau, BL Bengaluru (19 January 2024). "BharatPe marks close of $100 m debt round". BusinessLine. Retrieved 10 March 2024.
{{cite web}}:|last=has generic name (help) - ^ Dey, Asmita (17 February 2024). "BharatPe, MobiKwik see surge in new merchants". The Times of India. Retrieved 10 March 2024.
- ^ a b Das, Basudha (28 November 2023). "BharatPe turns profitable 5 years after launch, reports annualised revenue of Rs 1,500 crore". Business Today. Retrieved 10 March 2024.
- ^ Abrar, Peerzada (4 August 2021). "BharatPe's valuation crosses $2.85 bn in $370 mn in Series E equity round". Business Standard India.
- ^ "Valued at $2.85 billion, Bharat Pe raises fresh $370 million in funding led by Tiger Global". The Financial Express. 5 August 2021.
- ^ Ranjan, Abhinav (10 June 2021). "BharatPe acquires loyalty platform Payback India". www.indiatvnews.com.
- ^ Choudhury, Deepsekhar (6 February 2024). "BharatPe gets Ministry of Corporate Affairs notice under Section 206 in ongoing enquiry". Moneycontrol. Retrieved 10 March 2024.
- ^ "BharatPe elevates Nalin Negi as CEO". Mint. 16 April 2024. Retrieved 16 April 2024.
- ^ "Ashneer Grover accuses BharatPe co-founder of biggest data theft in India". The Free Press Journal. 9 February 2023.
- ^ Banthia, Jyoti (24 November 2023). "BharatPe files petition against Ashneer Grover for divulging confidential information". BusinessLine. Retrieved 10 March 2024.
- ^ "BharatPe nominates Partha Pratim Sengupta to Unity Small Finance Bank board". cnbctv18.com. 19 June 2023. Retrieved 14 August 2023.