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Hash, India's first D2C millennial cigarette brand, announced today that it has raised close to US$ 3.5 mn (INR 25 crores) in recently concluded angel round. The round, that was led by Amrac Investment Trust, also saw participation by marquee angels - Kunal Shah (Founder, Cred, ex-Freecharge), Jitendra Gupta (Founder and CEO, Jupiter), Ashneer Grover (Co-Founder and Managing Director, BharatPe), Ankur Jain (Founder and CEO, Bira91), Anshoo Sharma (Co-Founder and CEO, <keyword id="3255375" type="PERSON" weightage="20" keywordseo="Magicpin">MagicPin</keyword>) and Suhail Sameer (Chief Executive Officer, BharatPe). Founded by <keyword id="5276331" type="PERSON" weightage="20" keywordseo="Shwetank-Jain">Shwetank Jain</keyword>, Hash is committed to empower the unorganized small retailers and paanwalas in the country through mobile-first tech products. Headquartered in Delhi-NCR, Hash is building disruptive technology-immersed products that will not only help digitize the businesses of paanwalas and small shopowners, but also build a more efficient supply chain and enable credit access to this segment, thereby boosting sales of its own brand Hash and other new age brands in the country. Shwetank holds a Masters in Management from <keyword id="5368204" type="ORGANIZATION" weightage="20" keywordseo="UCLA-University">UCLA University</keyword>, and has successfully built a Rs. 100 crores turnover home textile brand <keyword id="11852407" type="UNKNOWN" weightage="20" keywordseo="tapisserie">Tapisserie</keyword> in 3 years. The Hash team also includes seasoned professionals from the tobacco and FMCG industry including Mr. Jaskaran Singh Khurana, ex-Managing director for Golden Tobacco Limited. Speaking on the fund raise, Mr. Shwetank Jain, Founder, Hash, said, "Tobacco industry has a set of traditional players and aged brands. There is a large addressable market for freshly envisioned products targeted at millennials and distributed efficiently using technology. Also, there is urgent need to equip the millions of unorganized sellers and paanwalas with the latest technology solutions, so as to aid in their business growth and efficiency. With Hash, we are committed to empower this category of small shopowners and paanwalas." Added Mr. Kapil Chugh, Fund Promoter, Amrac Investment Trust, "Hash has the potential to do to tobacco what BIRA did to the alcobev industry. The interesting challenge is not only to introduce millennial first products, but at the same time change the way the product is distributed to lakhs of paanwaalas by disrupting supply chain using technology." Hash aims to build a team of 500+ professionals across levels, including feet on street sales force by the end of the current financial year. About Hash Hash, a new age D2C tobacco brand for the Gen Z and Millennials, was founded in the year 2021. The company aspires to be a market leader in Indian tobacco space by promoting its young products through digital supply chain solutions targeting the small shop owners and paanwalas. It is currently present in Delhi-NCR and will be expanding to other key cities in North India in the current fiscal year. It is committed to digitising the shops and lives of an everyday paanwalla, by building mobile based apps for smarter supply chain and business growth. In just 3 months of operation, the company has built a network of 1,000 small shop owners and paanwalas. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/iphone-13-series-to-reportedly-launch-with-bigger-batteries-and-improved-5g-support/articleshow/85297919.cms">iPhone 13 series to reportedly launch with bigger batteries and improved 5G support</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/news/pm-modi-launches-vehicle-scrappage-policy-aims-to-generate-35000-jobs-and-attract-10000-crore-investment/articleshow/85297011.cms">Indian government announces vehicle scrappage policy, aims to generate 35,000 jobs and attract ₹10,000 crore investment</a>

Cred's Kunal Shah, BharatPe, Bira91 founders invest in Hash

Former <keyword id="7349800" type="General" weightage="80" keywordseo="bharatpe" source="Orion">BharatPe</keyword> Founder and CEO <keyword id="2988161" type="General" weightage="80" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> has written his memoir called 'Doglapan' (double standards) - the Hard Truth about Life and Start-ups' which is available for pre-order and will be available next month. Billed as an "unfettered story of <keyword id="12917061" type="General" weightage="100" keywordseo="ashneer" source="Orion">Ashneer</keyword> Grover - the favourite and misunderstood poster boy of Startup India", the memoir is being called a "raw, gut-wrenching in its honesty and completely from the heart, storytelling at its finest". "Is kitab ko padhne ke baad ya to aap ek dum apni naukri chhod doge ya fir zindagi bhar naukri hi karoge. At least beech mein nahi phase rahoge (After reading this book, you will either quit your job or continue to only be in jobs your whole life. At least, you won't be stuck in the middle)," Grover said in a tweet on Friday. On Friday, he again tweeted: "So overnight my autobiography has become #1 Best Seller. And SOLD OUT as well !! I've scampered to print more copies - get yours before my publisher hits their max capacity." According to the book's brief description on Amazon.in, a young boy with a 'refugee' tag growing up in Delhi's Malviya Nagar outpaces his circumstances by becoming a rank-holder at the pinnacle of academic excellence in India, IIT Delhi. "He goes on to do an MBA from the hallowed halls of IIM Ahmedabad, builds a career as an investment banker at Kotak Investment Banking and AmEx, and is pivotal in the making of two unicorns-Grofers, as CFO, and BharatPe, as co-founder," it reads. As a judge on the popular TV show <keyword id="6533612" type="General" weightage="80" keywordseo="shark" source="Orion">Shark</keyword> Tank India, Grover became a household name even as his life turned upside down. "Controversy, media spotlight, garrulous social media chatter descend, making it difficult to distinguish fact from fiction," read the description. He said the book will offer readers "absolute clarity" on life. After swindling fintech platform BharatPe, Ashneer and his wife Madhuri Jain Grover have formed a new company called Third Unicorn Private Ltd, and are set to launch a third startup. Before co-founding BharatPe, Grover was associated with Grofers, which is now a 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 not known yet. Ashneer and Madhuri, former Head of Controls at BharatPe, are both directors of the firm that was founded in July this year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/ashok-leyland-posts-rs-199-crore-pat-for-q2/articleshow/95449676.cms">Ashok Leyland posts Rs 199 crore PAT for Q2</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/amazon-unveils-design-of-new-prime-air-delivery-drone/articleshow/95446738.cms">Amazon unveils design of new Prime Air delivery drone</a>

Former BharatPe founder Ashneer Grover pens memoir called 'Doglapan'

Merchant payment and lending service provider <keyword id="7349800" type="UNKNOWN" weightage="20" keywordseo="bharatpe">BharatPe</keyword> on Thursday said it has acquired <keyword id="1917213" type="COMPANY" weightage="20" keywordseo="PAYBACK-India">Payback India</keyword> from <keyword id="91294" type="COMPANY" weightage="20" keywordseo="American-Express">American Express</keyword> and ICICI Investments Strategic Fund. The company, however, did not disclose the financial details of the transaction. This is the first-ever acquisition by BharatPe and will make Payback <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> a wholly-owned subsidiary of BharatPe, a statement said. Payback India - launched in 2010 - is a multi-brand loyalty programme with over 100 million members in the country. It has a network of more than 100 offline and online partners and allows its customers to earn and redeem points on every transaction at its partner merchant outlets. The acquisition of Payback India is in line with BharatPe's strategy to build a robust and engaged network of over 20 million small merchants by 2023, the statement said. With Payback India, BharatPe will be able to enhance its value proposition for the merchant partners, it added. Additionally, it will enable BharatPe to build a lucrative set of offerings for end customers, that will enhance footfalls at merchants and accelerate the growth of their businesses. As a result of the acquisition, all Payback India employees will become part of the BharatPe group. Suhail Sameer and Gautam <keyword id="2220" type="PERSON" weightage="20" keywordseo="Kaushik">Kaushik</keyword> (Group Presidents at BharatPe) along with Sumeet Singh, General Counsel of BharatPe, have joined the Board of Payback India. The role of the senior leadership team at Payback India will be expanded to also work on the loyalty programme for the six-million plus merchants of BharatPe, it added. The team, led by Pramod Mahanta (MD Payback India) and Rijish Raghavan (Chief Executive Officer at Payback India), will be working closely with Gautam Kaushik to build a new version of Payback India. Notably, Kaushik was the CEO and MD of Payback India prior to joining BharatPe in February this year. The company (Payback India) will continue operating under its current name and there will be no impact on the existing customer and partner relationships with Payback India that will continue to roll out initiatives for customers across India, the statement noted. "With the acquisition of Payback India, we will be able to add a whole new dimension to our merchant value proposition. In addition to the range of payment and credit products which BharatPe offers to help merchants scale their business, we will also be able to drive more consumers to their stores," BharatPe co-founder and CEO Ashneer Grover said. He added that the company is committed to build India's largest and most engaged merchant network and this acquisition will be a "game-changer" in that regard. "...Users can collect points while shopping offline and online and benefit from exclusive offers in the usual way, now at even more merchants with BharatPe. We are convinced that the great Payback value for customers is guaranteed sustainably and in the long term with BharatPe as the new operator," Markus Knorr, CFO of Payback Global, said. BharatPe at present provides a single interface for all existing UPI apps and allows merchants to accept UPI payments for free, through the BharatPe QR. It also supports merchants to access credit and other value-added services. Founded in 2018 by Ashneer Grover and Shashvat Nakrani, the company currently serves over 60 lakh merchants across 100 cities. It processes over 10 crore UPI transactions per month (annualised Transaction Processed Value of more than USD 10 billion) and facilitated disbursement of loans totaling to over Rs 1,600 crores to its merchants since launch. BharatPe's investors include Coatue Management, Ribbit Capital, Insight Partners, <keyword id="6497288" type="COMPANY" weightage="20" keywordseo="steadview-capital">Steadview Capital</keyword>, Beenext, Amplo and <keyword id="122716" type="COMPANY" weightage="20" keywordseo="Sequoia-Capital">Sequoia Capital</keyword>. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/here-are-the-coolest-ios-15-features-coming-to-iphones/slidelist/83362145.cms">Here are the coolest iOS 15 features coming to iPhones</a> <a href="https://www.businessinsider.in/cryptocurrency/news/paraguay-could-become-the-second-country-to-adopt-bitcoin/articleshow/83363776.cms">After El Salvador, Paraguay considers Bitcoin adoption</a> <a href="https://www.businessinsider.in/careers/news/google-microsoft-apple-and-many-others-are-hiring-for-various-it-roles-in-india/articleshow/83365305.cms">Google, Microsoft, Apple and many others are hiring for various IT roles in India —data scientists and cloud architects in high demand</a>

BharatPe acquires Payback India from American Express and ICICI Investments Strategic Fund

Leaving the <keyword id="2988161" type="General" weightage="80" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> controversy behind, fintech platform <keyword id="7349800" type="General" weightage="80" keywordseo="bharatpe" source="Orion">BharatPe</keyword> has closed one of the highest growth quarters in its history, facilitating over Rs 3,600 crore in loans in the first quarter (April-June period) of FY23. 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 <keyword id="4534514" type="General" weightage="50" keywordseo="suhail-sameer" source="Orion">Suhail Sameer</keyword>, CEO, BharatPe. "We are on an incredible growth journey, driven by a huge shift in behaviour towards digital payment modes, rise of <keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword> and the increased acceptance of new-age fintech products," he added. The company facilitated disbursals to over 1.2 lakh merchants in Q1, FY23, up from 66,000 merchants in the last quarter of FY22. Additionally, BharatPe's other product offerings, including the card acceptance POS businesses (BharatSwipe) and its investment platform for merchants recorded consistent growth (over 30 per cent) compared to the last quarter. "We are on track to achieve our target of $2 billion in loans facilitated (through our NBFC/bank partners) across both consumer and merchant business by the end of FY23 as well as scaling TPV to $30 billion by March 2023," said Sameer. The company saw its biggest-ever controversy starting earlier this year when its Co-founder and CEO <keyword id="12917061" type="General" weightage="100" keywordseo="ashneer" source="Orion">Ashneer</keyword> and his wife <keyword id="13057738" type="General" weightage="50" keywordseo="madhuri-jain-grover" source="Orion">Madhuri Jain Grover</keyword> siphoned off funds worth crores and were later sacked by the company.

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Cred's Kunal Shah, BharatPe, Bira91 founders invest in Hash

PTI

Former BharatPe founder Ashneer Grover pens memoir called 'Doglapan'

IANS

BharatPe acquires Payback India from American Express and ICICI Investments Strategic Fund

PTI

BharatPe is doing just fine after Ashneer Grover's exit, records 112% growth

IANS

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