Fintech startup BharatPe, which provides merchants and small businesses with interoperable UPI QR codes, raised $15.5 million series ‘A’ round from insight partners Sequoia India and Beenext.
Syna Dehnugara spoke to Ashneer Grover, founder & CEO of the company, about how BharatPe’s UPI based QR technology and services are differentiated from other big players in the market like PhonePe and Paytm.
“We have brought in an interoperable UPI QR code. So when the merchant gets on-boarded onto our system thereafter he doesn’t need to interact with any of the payment companies on the consumer side despite that every single payment option which is on UPI will work on that UPI QR code,” Grover.
“On a monthly basis, we do 1 percent of all the UPI payments which happen in the country. On an estimated basis that would mean that we are doing more than 10 percent of all UPI merchant payments in the country,” he added.
When asked about where the money will be utilised, Grover said, “We are excited to build the next layer of technology and next layer of products for the merchants which make it even simpler for them to do their business.”