BharatX Funding: Fintech Startup BharatX Raises $ 4.5 Million in Funding From Y Combinator, Others

The fintech startup BharatX raised $ 4.5 million in a funding round from the famed Silicon Valley accelerator Y combiner, 8i enterprises, Multiply the businesses and Soma Capitale.

The company plans to use the funds to expand its team and develop its product.

The funding round also saw the participation of other angelic investors such as Arash Ferdowsi, cofounder of Dropbox; Harshil Mathur and Shashank Kumar, co-founders of Razorpay; Varun Alagh, cofounder of Mamaearth, Kunal Shah, cofounder of Cred, Ankur Aggarwal, cofounder of Dunzo and Vikas Choudhury, President of Reliance Jio.

Founded in 2019 by Mehul Nath Jindal, Eeshan Sharma and Shyam Murugan, graduates of the National Institute of Technology (NIT) Trichy, Bharat X is a fintech startup that allows to offer platforms aimed at consumers credit as a feature.

The company is currently working with more than 50 brands in India, increasing its revenue more than 10x in the past four months, the company said in a statement prepared Thursday.

“Our B2B2C (business-to-business-to-consumer) business model allows us not only to gain user trust through the branding power of the players we work with, but also allows us to reach millions of users across the board. scale with almost zero cost … ”, said Jindal, co-founder of BharatX.

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Its built-in credit feature is the “Pay in 3” plan for high ticket transactions on e-commerce players, which allows the customer to split their purchases into three interest-free installs. BharatX plans to increase the credit stack offered by launching new product verticals such as UPI credit, pay in 3and 15- to 30-day cycle products such as credit cards, the company said in the statement.

BharatX raised $ 250,000 (Rs 1.81 crore) in a pre-seed round from angelic investors in December 2021. “We are committed to investing in the seed round of BharatX during our first meeting with the founders. It’s rare to find this combination of clarity of vision and flawless execution at such an early stage of a business, “said Vikram Chachra, founding partner of 8i Ventures.

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