BharatPe is trying to capitalize on India's surging digital payments market by bolstering the capabilities of offline merchants:
; Amazon and Google were reportedly in talks to participate in the round, but the startup's founding team passed due to concerns about"diluting their stakes."The startup works with small merchants that may not have accepted digital payments before and gives them a QR code that enables consumers to pay via the country's Unified Payments Interface , as well as a digital dashboard and access to short-term loans.
It's attracted 1.5 million merchants and processed over 21 million transactions, worth more than $83 million, since it was founded in 2018, and it wants to use the new funding to bring in around 3.5 million more merchants in the next 12 months.BharatPe is trying to capitalize on India's surging digital payments market by recruiting offline merchants and bolstering their capabilities.
UPI, which enables mobile bank-to-bank transactions in India, is on the rise, with its transaction volume249% annually in July. It brought in 822 million transactions during the month, and India's overall digital payments market is projected to be worth $1 trillion by 2023. This increasing popularity and value offers a tremendous opportunity to companies like BharatPe, especially since it facilitates UPI payments specifically.
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