# BharatPe

> Source: https://docs.barcoder.ai/docs/wallets/bharatpe
> research date 2026-05-29 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [BharatPe — official](https://bharatpe.com/)

## Overview

**BharatPe** is **India's leading SMB merchant-payments + lending fintech**, operated by **Resilient Innovations Private Limited** — focused on **UPI offline transactions + POS + merchant credit** <sup>[1][1], [2][2], [India report](https://docs.barcoder.ai/docs/payments/IN)</sup>. By **2025**, BharatPe had **1.7 crore (17 million) registered merchants across 450+ Indian cities** processing **450+ million UPI transactions per month + ₹12,000 crore ($1.4B) monthly TPV**. **FY25 financial milestone**: **first-ever adjusted PBT profitability (₹6 Cr; vs ₹342 Cr loss in FY24)**; total revenue **₹1,734 Cr** with strong topline growth across business verticals.

**Major 2025 strategic events**:
- **Oct 2025 — BharatPeX launched**: AI-powered enterprise payments platform with in-app UPI.
- **2025 — RBI Payment Aggregator License granted to Resilient Payments** (BharatPe Group subsidiary).

## History

**2018 — BharatPe founded** <sup>[2][2]</sup> by **Ashneer Grover + Shashvat Nakrani** (focused on SMB merchant payments).

**2019-2022 — Rapid merchant growth + funding rounds** <sup>[2][2]</sup>.

**2022 — Ashneer Grover ouster controversy** [[wiki-bp]]: Major founder dispute + departure.

**2023-2024 — Strategic restructuring under new leadership**.

**FY25 — First adjusted PBT profitability (₹6 Cr; vs ₹342 Cr loss FY24)** <sup>[1][1]</sup>: Major financial turnaround.

**Oct 2025 — BharatPeX enterprise platform launch** <sup>[3][3]</sup>: AI-powered enterprise payments + in-app UPI.

**Nov 2025 — RBI Payment Aggregator License to Resilient Payments** <sup>[4][4]</sup>: Major regulatory milestone.

## Ownership & operator

**Operating entity**: **Resilient Innovations Private Limited** (BharatPe brand).

**Subsidiary**: **Resilient Payments** (RBI Payment Aggregator license Nov 2025).

**Original co-founders**: **Ashneer Grover + Shashvat Nakrani** + **Bhavik Koladiya**.

**Major investors**: Sequoia (now Peak XV), Tiger Global, Coatue, Insight Partners, Ribbit Capital, Steadfast Capital, Beenext.

**Regulator**: **RBI** + **NPCI** for UPI.

## Technical integration

| Layer | Description |
|---|---|
| **Channels** | BharatPe merchant app (iOS + Android) + BharatPe QR codes + BharatPe POS hardware + BharatPeX enterprise platform |
| **Identifiers** | Phone number + VPA + QR code |
| **UPI** | **[UPI QR](https://docs.barcoder.ai/docs/standards/upi-qr)** — major UPI offline-transaction processor |
| **Sub-products** | BharatPe Merchant + BharatPe POS + BharatPe Loans (merchant credit) + BharatPeX enterprise (Oct 2025+) |
| **Lending** | Merchant cash advances + credit-line products |

## Users & growth

**FY25** <sup>[1][1]</sup>:
- **Registered merchants**: 1.7 crore (17 million) across 450+ Indian cities
- **Monthly UPI transactions**: 450+ million
- **Monthly TPV**: ₹12,000 crore (~$1.4B)
- **Total revenue**: ₹1,734 Cr (strong topline growth)
- **Adjusted PBT**: ₹6 Cr (first-ever; vs ₹342 Cr loss FY24)

## Use cases

SMB merchant UPI-acceptance via BharatPe QR (cardinal); BharatPe POS hardware; merchant lending (BharatPe Loans, cash advances, credit lines); BharatPeX AI-powered enterprise payments (Oct 2025+); payment-aggregator services (Resilient Payments, Nov 2025+).

## Implementations & partners

**Operator**: **Resilient Innovations + Resilient Payments**.

**RBI**: November 2025 Payment Aggregator License to Resilient Payments.

**Major Indian competitors**:
- **[PhonePe](https://docs.barcoder.ai/docs/wallets/phonepe)** + **[Google Pay](https://docs.barcoder.ai/docs/wallets/google-pay)** (UPI consumer-side dominance).
- **[Paytm](https://docs.barcoder.ai/docs/wallets/paytm)** (super-app + Paytm Soundbox merchant device).
- **MSwipe + Pine Labs + Razorpay** (other merchant-payment processors).
- **[CRED](https://docs.barcoder.ai/docs/wallets/cred)** (premium credit-card members).

## Fun facts

- **Founded 2018 by Ashneer Grover + Shashvat Nakrani + Bhavik Koladiya** — focused on SMB merchant UPI.
- **17 million Indian merchants across 450+ cities + 450M+ monthly UPI transactions** — major SMB merchant footprint.
- **FY25 first adjusted PBT profitability (₹6 Cr) vs FY24 ₹342 Cr loss** — major turnaround.
- **2022 Ashneer Grover ouster controversy** — major founder dispute + departure.
- **Oct 2025 BharatPeX AI-powered enterprise platform** — substantial product expansion.
- **Nov 2025 RBI Payment Aggregator License** to Resilient Payments — major regulatory milestone.
- **₹12,000 crore (~$1.4B) monthly TPV** — substantial merchant transaction scale.

## Comparison

| Feature | BharatPe | [PhonePe](https://docs.barcoder.ai/docs/wallets/phonepe) | [Paytm](https://docs.barcoder.ai/docs/wallets/paytm) | Pine Labs (merchant) | Razorpay (merchant) |
|---|---|---|---|---|---|
| Operator | **Resilient Innovations** | PhonePe Limited (Walmart-majority) | One97 Communications (PAYTM) | Pine Labs | Razorpay |
| Type | **SMB merchant UPI + POS + lending** | Consumer + merchant UPI super-app | Super-app + UPI TPAP | Merchant POS + payment processing | Online payment-processing |
| Merchants | **17M** | Major | Major (Paytm Soundbox) | Major | Major (online-focused) |
| Monthly transactions | **450M UPI** | 8.54B UPI (June 2025) | n/a | n/a | n/a |
| FY25 financial | **₹6 Cr first PBT profit (vs ₹342 Cr FY24 loss)** | IPO shelved Mar 2026 | FY26 Q1 first PBT profit | n/a | Substantial private valuation |
| Recent event | **BharatPeX Oct 2025 + RBI PA license Nov 2025** | IPO shelved March 2026 | PPSL aggregator Nov 2025 | n/a | Continued growth |

## Status

**Active, profitable Indian SMB merchant-payments leader** <sup>[1][1], [3][3], [4][4]</sup>:
- **Resilient Innovations + Resilient Payments**.
- **17M registered merchants + 450M monthly UPI tx + ₹12,000 Cr monthly TPV**.
- **FY25 first profitability milestone**.
- **Oct 2025 BharatPeX enterprise platform launch**.
- **Nov 2025 RBI Payment Aggregator License**.

## Sources

[1]: https://bharatpe.com/presslisting/press-release/bharatpe-becomes-profitable-ushers-in-a-deeper-durable-turnaround/ "BharatPe profitable turnaround — BharatPe"
[2]: https://bharatpe.com/about/ "BharatPe About — official"
[3]: https://www.indianweb2.com/2025/10/bharatpe-launches-bharatpex-to-reinvent.html "BharatPe launches BharatPeX — IndianWeb2"
[4]: https://bharatpe.com/presslisting/press-release/rbi-grants-payment-aggregator-license-to-resilient-payments-part-of-bharatpe-group-marking-a-major-fintech-milestone/ "RBI PA license to Resilient Payments — BharatPe"
[wiki-bp]: https://en.wikipedia.org/wiki/BharatPe "BharatPe — Wikipedia"
[in-cro]: https://docs.barcoder.ai/docs/payments/IN

- [1] [BharatPe profitable turnaround — BharatPe][1]
- [2] [BharatPe About — official][2]
- [3] [BharatPe launches BharatPeX — IndianWeb2][3]
- [4] [RBI PA license to Resilient Payments — BharatPe][4]
- [wiki-bp] [BharatPe — Wikipedia][wiki-bp]
- <sup>[India report](https://docs.barcoder.ai/docs/payments/IN)</sup> In-corpus: `reports/countries/IN-india.md`

## Source

Biography extracted from [bharatpe.md](https://docs.barcoder.ai/source/wallets/bharatpe). See `matrix.md` for standards-support matrix if present.