Bharat pe

The company aims to surpass its target of $30 billion in payments by March 2023. Last year, BharatPe had announced plans to scale its presence to 300 cities by the same time-frame. "We have been able to achieve this milestone much ahead of time. BharatPe has been expanding its reach and taking UPI QR to tier 2, 3 and 4 towns and cities since 2020," said Nishant Jain, Chief Business Officer, BharatPe.

In his new role, Negi will take charge of the finance function for BharatPe and will be working towards making the company EBITDA positive by March 2023. He will report to Suhail Sameer, CEO, BharatPe and work closely with the Board of BharatPe, the company said in a statement. "His experience of listing SBI Card will be instrumental for us as we aim to go public in FY25," said Sameer.

"Bhavik Koladiya has been associated with BharatPe as an Independent Consultant, guiding our Product and Technology teams. His contract tenure ended on July 31, 2022 and he expressed his desire to spend time on other assignments outside BharatPe," the BharatPe company said in a statement.

Before co-founding BharatPe, Grover was associated with Grofers, which is now 15-minute delivery platform Blinkit that has been acquired by Zomato for Rs 4,447 crore (about $568 million) in an all-stock deal. According to data accessed through Tofler, the Grovers have now registered a new company to begin their new journey. The nature of the startup is now known yet.

This is a growth of 112 per cent over the last quarter. BharatPe said it also reached an all-time high of $18.5 billion in annualised total payment value (TPV) -- a growth of 50 per cent over the last quarter. "Post a successful FY22 that we closed with a 3 times growth in merchant loans, 2.5 times growth in payments and a 4 times jump in revenue, BharatPe has recorded its' best ever quarter in Q1, FY23," said Suhail Sameer, CEO, BharatPe.

Earlier, BharatPe's chief revenue officer Nishit Sharma and head of institutional debt partnerships, Chandrima Dhar, had quit citing personal reasons. "This is to inform that Satyam Nathani has decided to move on from BharatPe to pursue his entrepreneurial ambitions. We will back him to build the next big tech disruptions," the company said in a statement.

Grover's hard take on VC firms came as several large investment firms like Sequoia Capital, Lightspeed Venture Partners, Craft Ventures, and Y Combinator etc have sent memos and footnotes to their portfolio companies and startups on how to endure the ongoing crisis. Sequoia recently created a 52-slide deck, first reported by The Information, titled 'Adapting to Endure', for the founders of its portfolio companies.

In the first phase, the company is going live with peer-to-peer (P2P) investments and bank-deposit products with its partners on the platform. The P2P investment product is being powered through RBI regulated non-banking financial companies (NBFCs) LenDenClub and Liquiloans.

The company had $300 million in revenue at the end of FY23, and exited March with around $100 million in sales. "We have no immediate plans to raise capital. We exited March at around $16 billion in annual total payment value (TPV) and aim to have payments TPV of $30 billion by March 2023," the company said.

In a letter written to BharatPe Board, Ashneer said that Sameer should be "immediately served a show-cause notice for his despicable public behaviour and immediately put on leave of absence to manage the damage to the Brand of the company". In a LinkedIn post on Thursday, Sameer replied to a comment posted by Ashima Grover, who is Senior Manager at MetLife, saying "Your brother stole all the money. Very little left to pay the salaries."