BharatPe lines up to extend small value loans to merchants.
Fintech platform BharatPe is planning to hire over 75 engineers and project managers this year to expand its technology team and will set up a tech-hub in Delhi for the expanded team.”BharatPe is coming up with a state-of-the-art tech-hub in Delhi to house its expanded product and technology team. The company plans to hire over 75 engineers and project managers this year and thereby expand its tech team” a statement said.
The tech-hub will serve as the core for BharatPe’s product development and new innovations, it added.
“The company is spending more than $0.5 million to do up the space. In addition, the company will send its tech-hub employees on month-long secondments to the US, China and Europe to learn from leading fintech platforms,” it added.
Founded by Ashneer Grover and Shashvat Nakrani in 2018, BharatPe offers merchants a single interface for all UPI apps like Paytm, PhonePe, Google Pay, BHIM, Mobikwik, Freecharge and others. Its investors include names like Insight Partners, Sequoia and Beenext.
“ZERO – MDR policy change has positioned BharatPe from a challenger to leader in the Fintech space. While the fintech industry at large over the next six months go through denial, re-alignment, funding constraints and layoffs, BharatPe will use this time to pull ahead and capture the market,” Grover, CEO and co-founder, BharatPe, said.
He added that the company is investing heavily in senior talent and tech talent.
“Our $20 million expanded ESOP pool is up for grabs and the tech-hub should establish us as the employer of choice for technology professionals in Delhi-NCR,” he said. The platform currently serves over 30 lakh merchants across Bengaluru, Delhi, Hyderabad, Mumbai, Jaipur, Ahmedabad, and others.
The company said it has grown business 30 times in 2019 and processes over four crore UPI transactions a month (annualised total payment volume of $2.5 billion). It claims to have disbursed more than 15,000 loans in the last three months and is working to disburse Rs 250 crore of loans by March 2020.