The company plans to utilise the funds to expand its team and develop its product.
The funding round also saw participation from other marquee angel investors like Arash Ferdowsi, cofounder, Dropbox; Harshil Mathur and Shashank Kumar, cofounders 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, BharatX is a fintech startup that enables consumer-facing platforms to offer credit-as-a-feature.
The company is presently working with more than 50 brands in India growing its revenue by more than 10X in the last four months, the company said in a prepared statement on Thursday.
“Our B2B2C (business-to-business-to-consumer) business model enables us to not only win trust of users via the brand power of players we work with but also enables us to reach millions of users at scale with almost zero cost…,” said Jindal, cofounder of BharatX.
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Its embedded credit feature is the “Pay in 3” plan for high ticket transactions on ecommerce players, which allows the customer to split their purchases into three interest-free instalments. BharatX plans 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, the company said in the statement.
BharatX had raised $250,000 ( Rs 1.81 crore) in a pre-seed round from angel investors in December 2021. “We are committed to invest in the seed round of BharatX within 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 venture,” said Vikram Chachra, founding partner at 8i Ventures.
