BharatX Raises $4.5 Million In Seed Round
Funds will be utilized to build & expand the team, enhance & develop the product further and for market expansion
BharatX on Thursday annopunced to have raised $4.5 million in a seed round from Y Combinator, 8i Ventures, Multiply Ventures, Soma Capital and other investors to enable embedded credit in the Indian market. Existing investor Java Capital also participated in the round. The round also saw participation from many marquee Angels including Arash Ferdowsi, Harshil Mathur, Shashank Kumar, Varun Alagh, Kunal Shah and others. Funds will be utilized to build & expand the team, enhance & develop the product further and for market expansion.
"Consumers of India deserve a better class of credit products out there. We want to give the middle class of India easy access to credit products that they deserve yet are not able to access today, while setting the bar for world-class UX and customer service while doing so. Our B2B2C business model enables us to not only win trust of users via the Brand power of players we work with, but also enable us to reach to millions of users at scale with almost zero cost," said Mehul Jindal, co-founder & CEO, BharatX.
"It's rare to find this combination of clarity of vision and flawless execution at such an early stage of a venture. Mehul and his co-founders are carving out a whole new white label BNPL category for India's brands. We are delighted to partner with them as they pursue their audacious vision of building India's largest BNPL platform," said Vikram Chachra, founding partner, 8i Ventures
Founded in 2019, BharatX has been working with 50-plus brands in India including the largest D2C brands in India, growing more than 10X in the last 4 months in volume. The founders include Mehul Nath Jindal, Eeshan Sharma, and Shyam Murugan who are also final year students of National Institute of Technology (NIT) Trichy. BharatX, a consumer credit venture, provides embedded credit by partnering with brands and websites to provide a credit feature in their apps to serve customers. It operates white-labeled buy now pay later and other credit products on more than 50 consumer-facing platforms via it's APIs and SDK. It aims to deliver seamless embedded credit experiences on several consumer-facing platforms across India, with zero credit risk and zero operational hurdles for the brands it partners with. BharatX aims to increase the credit stack on offer by launching new product verticals such as UPI credit, Pay in 3 and 15/30 day cycle products like credit cards.