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<ul><li><keyword id="7349800" type="General" weightage="20" keywordseo="bharatpe" source="Orion">BharatPe</keyword> acquired scam-hit PMC bank earlier this year to expand itself into a small finance bank.</li><li><keyword id="254056" type="General" weightage="20" keywordseo="rajnish-kumar" source="Orion">Rajnish Kumar</keyword>, who has over four decades of experience in Indian banking, will mentor BharatPe’s team to effectively transition into the new role.</li><li>He was also the incharge of managing the bailout of Yes Bank and leading SBI’s digital drive with YONO.</li></ul>Former State Bank of India’s (SBI) chairperson Rajnish Kumar has been appointed as the chairperson of merchant payments platform BharatPe, which <a href="https://www.businessinsider.in/finance/banks/news/pmc-bank-will-have-a-new-owner-in-centrum-and-bharatpe/articleshow/83639668.cms">acquired scam-hit Punjab and Maharashtra Cooperative (PMC) bank</a> earlier this year in partnership with Centrum Financial Services. The three-year-old startup plans to expand itself into a small finance bank, catering to the needs of both merchants as well as consumers. Kumar will mentor BharatPe’s team to effectively transition into the new role. The company has emphasised that Kumar will be involved in both short- and long-term strategy of the fintech startup. Rajnish Kumar brings in over four decades of experience in the Indian banking industry. He had been associated with the State Bank of India for 40 years, where he has also worked in SBI UK and Canada. He was appointed as the chairperson of India’s largest lender in 2017 and retired last year. <table class="redcator-table-advance"><tbody><tr><td>Year</td><td>Revenue</td><td>Profit</td></tr><tr><td>FY2018</td><td>₹2,59,663 crore</td><td>₹63,055 crore</td></tr><tr><td>FY2019</td><td>₹2,78,082 crore</td><td>₹53,130 crore</td></tr><tr><td>FY2020</td><td>₹2,96,329 crore</td><td>₹51,342 crore</td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>During his tenure, SBI focused on its digital drive with the introduction of the “You Only Need One” platform, which is an automated digital banking platform that enables users to access a range of finance and other services like travel ticketing, online shipping, bill payments and more. He was also the incharge of managing the <a href="https://www.businessinsider.in/stock-market/news/yes-bank-shares-are-cheaper-than-what-they-were-a-year-ago-and-what-could-revive-the-investment-if-at-all/articleshow/82448509.cms">bailout of Yes Bank</a>, which needed between ₹10,000 crore to ₹12,000 crore to meet the regulatory requirements and grow the bank further. Under the rescue plan, SBI bought 49% stake in Yes Bank for ₹11,760 crore. After his retirement, he has taken up several roles. He acts as an economic advisor to the state of Andhra Pradesh since September 2021 and an independent director in Hong Kong and Shanghai Banking Corporation (HSBC) Asia in August 2021. He was also appointed as a senior advisor Baring Private Equity Partners and an advisor at Kotak Investment Advisors in February 2021. “In just 3 years, BharatPe has come a long way in becoming a trusted name in the financial services industry. It has redefined payments… and has also emerged as the largest B2B [business-to-business] lender in the industry. This company has a huge opportunity ahead and it would be great to work closely with its young and talented team to build financial services for the India of tomorrow," Kumar said. SEE ALSO <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-crosses-57000-for-the-first-time-in-five-months-altcoins-continue-to-struggle/slidelist/86957497.cms">Bitcoin crosses $57,000 for the first time in five months — altcoins continue to struggle</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-plans-to-launch-2nm-chipsets-by-2025-could-power-its-2026-flagships/articleshow/86959127.cms">Samsung plans to launch 2nm chipsets by 2025, could power its 2026 flagships</a> <a href="https://www.businessinsider.in/business/corporates/news/cyrus-mistrys-sterling-wilson-was-at-the-right-place-at-the-right-time-for-mukesh-ambanis-green-energy-ambitions/articleshow/86952399.cms">Cyrus Mistry's Sterling &amp; Wilson was at the right place at the right time for Mukesh Ambani's green energy ambitions</a>

The former boss of India's largest bank joins a soon-to-be small finance bank — here's why

<ul><li>This is an almost three-fold increase from the $900 million valuation accorded to the company in February 2021.</li><li>Tiger Global led the round, with participation of Dragoneer Investment Group and Steadfast Capital.</li><li>The company will use this recent fundraise to capitalise distressed PMC Bank, which it recently acquired.</li><li>Group President Suhail Sameer becomes the CEO as founder Ashneer Grover takes charge as Managing Director.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul><keyword id="7349800" type="UNKNOWN" weightage="20" keywordseo="bharatpe">BharatPe</keyword>, which sells point-of-sale machines and payment solutions to small shopkeepers, is the latest entrant to the unicorn club. The three-year-old startup raised $370 million in a Series E round led by Tiger Global, at a valuation of a whopping $2.85 billion. This is an almost three-fold increase from the $900 million valuation the company was accorded in the <a href="https://www.businessinsider.in/business/startups/news/bharatpe-inches-closer-to-being-a-unicorn-as-it-raises-100-million-at-a-valuation-of-900-million/articleshow/80839802.cms">$108 million Series D round </a>in February 2021. A unicorn, in startup parlance, is a private company valued at or over $1 billion. BharatPe has partnered with Centrum Finance and bagged a banking licence from the Reserve Bank of India in June 2021, by acquiring PMC Bank. The latest investment will allow BharatPe to provide its share of capital to revive the cooperative bank that was on the verge of a collapse last year. There has also been a reshuffle in BharatPe’s management. Founder Ashneer Grover would be stepping down from his role of CEO to take on the role and responsibilities of a managing director. Meanwhile, former Group President Suhail Sameer would be the new chief executive officer (CEO) and board member of the company. Sameer will be responsible for driving the company’s monetization, lending and recent banking foray. Meanwhile,Grover will drive its strategy, technology and product functions, and manage capital fundraising. BharatPe’s latest Series E funding round also witnessed the participation of new investors Dragoneer Investment Group and Steadfast Capital, along with existing investors Sequoia Capital, Insight Partners, Coatue Management, Ribbit Capital and Amplo. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tiger Global </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$100 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Steadfast Capital and Dragoneer Investor Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$25 million each </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Other existing investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$200 million cumulatively </td></tr></tbody><tbody></tbody><tbody></tbody></table>

Tiger Global pumps enough money to make BharatPe a unicorn about a month after it got a banking licence with Centrum as its partner

<ul><li><keyword id="7349800" type="UNKNOWN" weightage="20" keywordseo="bharatpe">BharatPe</keyword> and <keyword id="59288" type="COMPANY" weightage="20" keywordseo="Centrum">Centrum</keyword> had formed a consortium last year to take over the <keyword id="1907998" type="ORGANIZATION" weightage="20" keywordseo="PMC-Bank">PMC bank</keyword></li><li>The multi-state cooperative bank had over 16 Lakh account holders, with ₹10,727 crore in deposits</li><li>The PMC Bank has been facing regulatory action, after 73% of its loans turned out to be non-performing</li></ul>The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) on Friday announced that it has given an ‘in-principle’ nod to Centrum Financial Services to set up a small finance bank (SFB), paving the way for the entity to take over the crisis-ridden Punjab and Maharashtra Co-operative (PMC) bank. Though the official notification only states Centrum’s approval, it is important to note that three-year-old fintech startup BharatPe and Centrum had formed a consortium last year to take over the PMC bank. The duo had also filed a joint expression of interest (EoI) to RBI, BharatPe’s cofounder Ashneer Grover had previously<a href="https://inc42.com/buzz/bharatpe-underlines-banking-ambitions-after-latest-debt-funding-round/"> confirmed</a>. The PMC Bank has been facing regulatory action and investigations over the alleged irregularities in certain loan accounts. The problem began when 73% of PMC Bank’s loans were found to be non-performing in September 2019. These loans, worth ₹6,500 crore, were issued to a real estate company Housing Development and Infrastructure Ltd (HDIL). RBI superseded the PMC Bank board the same month, after it found that the bank had allegedly been running fraudulent transactions for several years to lend money to HDIL through fictitious accounts. This was in violation of single-party lending rules. The central bank imposed restrictions on deposit withdrawals. The multi-state cooperative bank had over 16 lakh depositors, of which 60% account holders had up to ₹10,000 each in their accounts, 78% had up to ₹50,000 each and 84% had up to ₹1 lakh each. The bank had total deposits worth ₹10,727 crore, with total advances of ₹4,472 crore and non-performing assets (NPAs) of ₹3,518 crore. Founded in 1984, PMC Bank had 137 branches across six states -- Maharashtra (103), Delhi (6), Karnataka (15), Goa (6), Gujarat (5) and Madhya Pradesh (2). It was rated among the<a href="https://www.businessinsider.in/pmc-bank-news-and-updates-in-pictures-after-rbi-sets-deposit-withdrawal-limit/articleshow/71279746.cms"> top 10 </a>cooperative banks in the country. The RBI in its ‘in-principle’ approval notice to Centrum said that “the RBI would consider granting a licence for commencement of banking business under Section 22 (1) of the Banking Regulation Act, 1949, on being satisfied that the applicant has complied with the requisite conditions laid down by RBI as part of “in-principle” approval.” SEE ALSO: <a href="https://www.businessinsider.in/careers/news/low-skilled-it-jobs-in-india-are-definitely-at-risk-as-per-different-reports/articleshow/83633565.cms">Whether it's half a million or three million — 'low skilled' IT jobs in India are definitely at risk</a> <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvadors-bitcoin-experiment-is-gaining-momentum-even-if-the-world-bank-doesnt-want-to-lend-its-support/slidelist/83634654.cms">Here’s how El Salvador’s Bitcoin experiment is playing out so far — the good, the bad and the ugly</a>

PMC Bank will have a new owner in Centrum and BharatPe

Four months after giving an in-principle nod to <keyword id="6010758" type="General" weightage="20" keywordseo="centrum-financial" source="Orion">Centrum Financial</keyword> Services and <keyword id="7349800" type="General" weightage="20" keywordseo="bharatpe" source="Orion">BharatPe</keyword> to establish a <keyword id="6382595" type="General" weightage="20" keywordseo="small-finance-bANK" source="Orion">small finance bank</keyword>, the <keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword> on Tuesday granted a licence to the consortium that had expressed interest to take over the crisis-impacted Punjab and Maharashtra Cooperative (PMC) Bank. In June, the Reserve Bank had given the in-principle approval for the SFB licence to the consortium against its interest to take over the PMC Bank, a city-based cooperative lender under restrictions for more than two years after a massive over Rs 7,000-crore fraud at the lender. In a joint statement, <keyword id="59288" type="General" weightage="20" keywordseo="centrum" source="Orion">Centrum</keyword> and BharatPe, which are uniting equally to build the SFB, said the RBI's final approval has been received earlier in the day, and this is the first time in six years that the central bank has given a banking licence. Earlier in the day, BharatPe announced that former SBI veteran Rajnish Kumar is joining its board as the chairman and will be playing the role of a mentor for the fintech's team on the path to forming an SFB. The new SFB has been incorporated as "Unity Small Finance Bank" and the business model is "one of collaboration and open architecture", uniting all its stakeholders to deliver a seamless digital experience, the statement said. However, details about how the amalgamation with Punjab and Maharashtra Cooperative (PMC) Bank will happen from an operational perspective were not known immediately. The statement said Centrum's MSME and microfinance businesses shall be merged into Unity Small Finance Bank. "We are delighted to receive the licence and excited to partner with BharatPe to create this new age bank, with a strong team. We aspire to be India's first Digital Bank," Centrum Group's chairman Jaspal Bindra said. "We will work tirelessly and smartly to capture this opportunity and build India's first truly Digital Bank ground up," Ashneer Grover, the co-Founder and managing director of BharatPe, said. While granting the in-principle nod on June 18, the RBI had said that the approval has been accorded in specific pursuance to the Centrum Financial Services' February 1 offer expressing interest to take over PMC Bank. SEE ALSO <a href="https://www.businessinsider.in/india/news/the-depth-of-indias-power-crisis-22-power-plants-shut-govt-says-coal-crisis-overblown/articleshow/86969860.cms" data-type="tilCustomLink">The depth of India's power crisis</a> <a href="https://www.businessinsider.in/stock-market/news/from-home-sales-and-jewellery-to-power-consumption-these-sectors-are-back-to-pre-pandemic-levels/articleshow/86976154.cms" data-type="tilCustomLink">From home sales and jewellery to power consumption, these are all the sectors that are back to pre-pandemic levels</a> <a href="https://www.businessinsider.in/careers/news/if-you-have-these-digital-skills-then-you-can-expect-a-double-digit-salary-hike-next-year/articleshow/86970342.cms" data-type="tilCustomLink">If you have these digital skills, then you can expect a double digit salary hike next year</a>

Three-year-old BharatPe and Centrum gets RBI nod to set up a small finance bank

BharatPe’s banking licence, Digit’s funding, Mswipe’s new CEO and more -- mega deals and launches in India’s fintech space

<ul><li><keyword id="2988161" type="General" weightage="20" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> has resigned from his position as the managing director of <keyword id="7349800" type="General" weightage="20" keywordseo="Bharatpe" source="Orion">BharatPe</keyword>.</li><li>He was the CEO of the merchant payments platform until last year and was replaced by Suhail Sameer.</li><li>Grover accused BharatPe’s core team of leveraging on his personal network to scale up their payments business.</li></ul>Ashneer Grover, the cofounder and managing director of BharatPe, has resigned from his position at the merchant payments platform. The development comes a week after his wife, <a href="https://www.businessinsider.in/business/startups/news/bharatpe-fires-ashneer-grovers-wife-madhuri-jain-and-she-takes-to-twitter-to-make-a-new-set-of-allegations-against-the-company/articleshow/89767491.cms">Madhuri Jain, was terminated</a> on allegations of misappropriation of funds. Grover, in the resignation letter dated March 1, accused the BharatPe’s core team of leveraging on his personal network to scale up their payments business and later treating him in a “the most disgraceful manner”. “Am I perfect? As every other human being does, I am sure I have my follies. I have been told that I am too straight forward [sic], headstrong, and have very demanding standards when it comes [to] work. But it is these qualities that have resulted in BharatPe’s exponential growth in becoming an industry behemoth,” the letter read. Here is the full text of Grover’s letter: Dear Board, I write this with a heavy heart as today I am being forced to bid adieu to a company of which I am a founder. I say with my head held high that today this company stands as a leader in the fintech world. Since the beginning of 2022, unfortunately, I’ve been embroiled in baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the reputation of the company, which ostensibly they are trying to protect. From being celebrated as the face of Indian entrepreneurship and an inspiration to the Indian youth to build their own businesses, I am nowwasting myself fighting a long, lonely battle against my own investors and management. Unfortunately, in this battle, the management has lost of what [sic] is actually at stake – BharatPe. People who know me and have worked closely with me know that I believe in building - whatever the odds may be. I am an IIT Delhi – IIM Ahmedabad graduate, the best of what Indian [sic] education system has to offer. I am the child of middle-class parents who’ve imbibed in me the values of hard work, integrity and honesty. I am a professional with an impeccable track record who has been instrumental in building two unicorn businesses, i.e. Grofers and BharatPe from scratch. I have not only encouraged the youth of this country to follow their dreams but have also created an arena of job opportunities for tens of thousands of India’s gig-economy workers. I am proud that my journey and growth has not only been limited to me but has also encompassed within its fold people associated with me, professionally and personally. In my endeavor to promote and grow the start-up ecosystem in our country, I have invested back what I have earned and have helped many along the way. I have nurtured BharatPe as my baby. I’ve built it along with my co-founder and an amazing team of individuals. Most times the circumstances were hostile (to say the least) but it did not stop me. BharatPe was the last entrant in UPI space and competed with goliaths like PayTM, PhonePe and GooglePay – but it still emerged as a leader in the industry. I had the vision to disrupt payments with ‘0% MDR’, lending with shopkeeper ‘loans against payments’, P2P with ‘12%Club’ and BNPL with ‘postpe’. With my efforts and hard work, the Company has created a network of more than 1 Crore (10M) shopkeepers who transact more than Rs 100,000 Crores (US$ 16B) annually and lent out more than Rs 4,000 crores (US$ 0.5B) as loans. It is indisputable that BharatPe loans have helped lakhs of small businesses fight organised e-commerce and COVID. Most importantly and the only time for any Fintech in India – with my constant efforts the Company has acquired a Small Finance Bank license to create ‘Unity Small Finance Bank’. I’ve shown the gumption and intent to find a solution for PMC Bank and Ten Lakh of its depositors to give them back their hard-earned funds. The height at which BharatPe stands today is the result of the hard work of the last four years. With a team of less than Five hundred on-roll employees, an aggregate spending of less than US$ 150 Mn, and by raising US$ 615 Mn from ten of the marquee investors without using a single banker, the success story of BharatPe is for everyone to see. While scripting the commercial success of BharatPe, the Company was also affording liquidity to our employees of more than Rs 100 crores against their ESOPs and giving at least Eighty times returns to each of its twenty-eight angel investors. While the Company was valued at Rs 20,000 crores (US$ 3B) as per the Series E round; today it would be valued at Rs 40,000 crores (US$ 6B), within a span of less than a year. No other startup of similar valuation has been able to achieve what BharatPe has achieved today that too by utilizing less than Rs 1,000 crores. Clearly, BharatPe’s success story is for the world to see. Am I perfect? As every other human being does, I am sure I have my follies. I have been told that I am too straight forward, headstrong, and have very demanding standards when it comes [to] work. But it is these qualities that have resulted in BharatPe’s exponential growth in becoming an industry behemoth. Unfortunately, what has happened in the recent past seems to be a battle of egos being played to the gallery of the media under the charade of “good governance”. The fundamental fact is that all of you as investors are so far removed from reality that you’ve forgotten what real businesses look like and have no appreciation for what it took to run this enterprise day in and day out. Your outlook towards BharatPe has been limited to the small window on your Zoom Meetings application, far removed from the sweat of the brow that goes into making BharatPe the business leader that it is. None of you, including the ones based in India, have ever been to our office even once, since the andemic turned our lives upside down and sought to suffocate the economy. Not even once. Not Micky. Not Harshjit. Not Mohit. Not Teru San. Not Rahul. Not Deven. No one. None of you even turned-up despite an invitation for the inauguration of our new office. This is how connected you are to BharatPe. Your views of businesses and problems on the ground are so colored by the windows of the Ivory Tower in which you all reside that you have no connect whatsoever with the human element of the business. It is sad that you have even lost touch with the Founder. You’ve lost touch with me. For you, the Founder of this company has been reduced to a button to be pressed when needed. I cease to be a human for you. Today,you have chosen to believe gossip and rumours about me instead of having a frank conversation. You are so easily spooked because you have no touch with reality. The fact of the matter is that today you believe that I have served my utility and so incrementally I am just becoming a liability. And since then, the fact of the matter is that today you believe that I have served my utility and so incrementally I am just becoming a liability. And since the investor template to make an unwanted Founder go away is to make them the villain of the piece, that’s what you have gone ahead and done – “Let’s invoke the SHA. Let’s put him on leave under the pretext of a governance review. Let’s terminate his wife’s employment. Let’s vilify his whole clan. We as investors are on top of the food chain – let’s cut him down to size and make an example of him.” When you wanted to leverage my personal network, you were very happy to do so – today I am being vilified and treated in the most disgraceful manner. You treat us Founders as slaves – pushing us to build multi-billion-dollar businesses and cutting us down at will. Investor-Founder relation in India is one of Master-Slave. I am the rebel slave who must be hung by the tree so none of the other slaves can dare to be like me ever again. Unfortunately, I refuse to walk that path and refuse to tolerate this continuous and shameful vilification of me and my family. I have been the one who founded this company and built it up to its enviable position today, no wonder you want to oust me for your vested interests. So when do we end this? We end this now. While I maintain that you will not find a single act of impropriety against me, I will not be participating in your charade. Since you clearly believe you can run this Company better without me – I am leaving you with this challenge. Build incrementally even half of the value I created so far – I am leaving you with three times the funds I’ve utilised till date. I hereby resign as the Managing Director of BharatPe, effective immediately. I also resign as a Director of the Board. I will continue as the single largest individual shareholder of the Company. I have founded and built BharatPe into what it is today, and this identity, none of you can take away from me. Best regards, Ashneer Grover The resignation letter was<a target="_blank" class="c-link" href="https://www.moneycontrol.com/news/business/companies/read-the-full-text-of-ashneer-grovers-resignation-letter-8176891.html"> first </a>made public by Network 18. Business Insider has accessed and verified the same. Grover was the chief executive officer (CEO) of the merchant payments platform until last year and was replaced by Suhail Sameer, who was group president in the company. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/startups/news/swiggy-dunzo-zepto-and-grofers-should-roll-back-10-minute-delivery-says-petition/articleshow/89900739.cms">A netizen is seeking roll back of the 10 minute delivery feature on Swiggy, Dunzo, Zepto and Grofers</a> <a href="https://www.businessinsider.in/stock-market/news/as-long-as-mukesh-ambani-is-there-to-rescue-the-market-doesnt-care-about-future-retails-financial-stress/articleshow/89886569.cms">As long as Mukesh Ambani is there to rescue, the market doesn't care about Future Retail's financial stress</a> <a href="https://www.businessinsider.in/india/news/indian-economy-grows-by-5-4-in-oct-dec-lower-than-8-5-in-the-previous-quarter/articleshow/89898660.cms">Indian economy's growth slows down to 5.4% between October to December</a>

Ashneer Grover resigns from BharatPe. This is what he had to say.

<ul><li>IIFL Wealth &amp; Asset Management and Northern Arc Capital contributed ₹100 crore each for this round.</li><li>The company has raised ₹500 crore of debt in 2021 and plans to raise over ₹1,800 crore by March 2022.</li><li>Earlier this month, the company raised $370 million at a valuation of $2.85 billion.</li></ul>Merchant-focused payments startup <keyword id="7349800" type="UNKNOWN" weightage="20" keywordseo="bharatpe" source="Orion">BharatPe</keyword> has raised ₹200 crore ($28 million) in debt to build a <keyword id="6360217" type="UNKNOWN" weightage="20" keywordseo="loan" source="Orion">loan</keyword> book of $1 billion by March 2023. Investment firms IIFL Wealth &amp; Asset Management and Northern Arc Capital both contributed ₹100 crore each for this round. BharatPe has raised ₹500 crore ($70 million) in debt across seven rounds in 2021 as it plans to aggressively build its loan book. The company plans to raise an additional debt of $250 million (around ₹1,859 crore) by the end of March 2022. For any lending business, debt funding is used to disburse loans as there is no equity involved. Founded only three years ago by Ashneer Grover and Shashvat Nakrani, BharatPe is one of the youngest startups to enter the unicorn club. A unicorn — in startup parlance — is a company valued at or above $1 billion. Earlier this month, BharatPe had raised<a href="https://www.businessinsider.in/business/startups/news/tiger-global-pumps-enough-money-to-make-bharatpe-a-unicorn-about-a-month-after-it-got-a-banking-licence-with-centrum-as-its-partner/articleshow/85027918.cms"> $370 million</a> in a Series E round led by Tiger Global, at a valuation of $2.85 billion. This represented an almost three-fold increase from the $900 million valuation accorded to the company after the <a href="https://www.businessinsider.in/business/startups/news/bharatpe-inches-closer-to-being-a-unicorn-as-it-raises-100-million-at-a-valuation-of-900-million/articleshow/80839802.cms">$108 million Series D round </a>raised in February 2021. BharatPe is also looking to further expand its lending business as well. The company, in partnership with Centrum Finance, bagged a<a href="https://www.businessinsider.in/business/startups/news/bharatpes-banking-licence-digits-funding-mswipes-new-ceo-and-more-mega-deals-and-launches-in-indias-fintech-space-/slidelist/84085401.cms"> banking licence</a> from the Reserve Bank of India in June 2021, by acquiring PMC Bank. “We have witnessed a surge in demand for merchant loans, with multi-fold growth over the last one year. With the festive season coming up soon, we are committed to scale our lending vertical aggressively and have set a target of 10x growth in lending by FY23,” Suhail Sameer, who recently replaced founder Ashneer Grover as the chief executive of BharatPe, said. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/student-loan-provider-eduvanz-raises-100-crore-from-juvoventures-sequoia-and-others/articleshow/85453333.cms">Student loan provider Eduvanz raises ₹100 crore from JuvoVentures, Sequoia and others</a> <a href="https://www.businessinsider.in/business/startups/news/urban-company-on-lookout-for-15000-service-professionals-in-50-cities-in-india/articleshow/85447261.cms">Urban Company is on the lookout for 15,000 service professionals as it wishes to tap into 50 cities by the end of this year</a> <a href="https://www.businessinsider.in/business/startups/news/postman-is-now-the-highest-valued-vc-funded-saas-startup-in-india-after-a-225-million-fundraise/articleshow/85429769.cms">Postman is now the highest valued VC funded-SaaS startup in India, after a $225 million fundraise</a>

BharatPe raises ₹200 crore in debt to build a loan book of $1 billion by March 2023

<ul><li>The aggressive hiring will help <keyword id="7349800" type="UNKNOWN" weightage="20" keywordseo="bharatpe">BharatPe</keyword> to launch a slew of products in merchant as well as consumer lending space.</li><li>It has announced a new policy to offer monetary and other incentives for both old and new joinees to attract more talent. </li><li>BharatPe has also preponed tech team’s appraisals by eight months and the team has earned 75% increments.</li></ul>Payments platform BharatPe is looking to grow its technology team by three times, as it plans to launch a slew of products in merchant as well as consumer lending space. The company will be looking to hire more than 100 employees for its tech team by March 2022. The company has also announced a first-of-its-kind ‘Referral &amp; Joining Policy’, under which it will offer incentives to both new employees and the existing employees who refer fresh talent. These range between gadgets, appraisals and other perks. For instance, all new tech team joinees will have the option to choose between bike or gadget packages. The Bike Package and Gadget Package is available to anyone referring tech talent to the company. This would include the BharatPe team as well as alumni of the company. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bike Package </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BMW G310R, Jawa Parek, KTM Duke 390, KTM RC 390 and Royal Enfield Himalayan </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gadget Package </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Apple iPad Pro (with Pencil), Bose Headphone, Harman Kardon Speaker, Samsung Galaxy Watch, WFH desk and chair, and Firefox Typhoon 27.5 D bicycle. </td></tr></tbody></table> BharatPe has also preponed the tech team’s appraisals by eight months and the team has earned 75% increments split between cost to company (CTC) and incremental employee stock ownership plan (ESOPs), effective July 1, 2021. Besides this, the company will also host its entire Tech Team in Dubai for the International Cricket Council (ICC) Men’s T20 World Cup from October 17-November 14, 2021. “BharatPe is a tech-first fintech [firm]. As we build the next generation of banking in India, we want to invite and excite the best tech talent to work with us on building market leading products at scale. We will, therefore, be taking the lead in tech talent compensation in India because that’s the only real investment our business needs given the capital efficiency of our model,” Ashneer Grover, co-founder and chief executive of BharatPe said. Founded only three years ago by Grover and Shashvat Nakrani, BharatPe till now focused exclusively on merchant-payments and lending solutions. However, the hiring would also look into launching products focused on consumers. The company is also looking to aggressively build a loan book of ₹5,000 crore and has recently <a href="https://www.businessinsider.in/finance/banks/news/pmc-bank-will-have-a-new-owner-in-centrum-and-bharatpe/articleshow/83639668.cms">acquired </a>the scam-hit Punjab and Maharashtra Co-operative (PMC) bank in a consortium with Centrum Financial services. The company was valued at $900 million, after its $108 million Series D round led by Coatue Management in February 2021. The company’s investors include Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/used-car-platform-spinny-raises-108-million-to-fund-growth/articleshow/84545148.cms">Used car platform Spinny raises $108 million to fund growth and expand its presence across India</a> <a href="https://www.businessinsider.in/business/startups/news/from-zomatos-ipo-to-delhiverys-fundraise-to-paytms-drhp-these-were-the-biggest-developments-this-week/slidelist/84496707.cms">From Zomato’s IPO to Delhivery’s fundraise to Paytm’s DRHP — These were the biggest developments this week</a> <a href="https://www.businessinsider.in/business/startups/news/100-million-investment-in-delhivery-will-help-fedex-gain-prominence-in-india/articleshow/84471579.cms">FedEx makes its first strategic investment in India, puts $100 million in Delhivery’s kitty</a>

From BMW bikes to Apple iPads to T20 World Cup in Dubai — BharatPe is trying hard to woo tech talent

<ul><li>IndiaMart’s CEO Dinesh Agarwal highlighted that almost 80% of Indian MSMEs have such low turnover that they are not eligible to register for GST.</li><li>BharatPe’s group president Suhail Sameer said that the system also needs to change to stop benefiting large businesses at every step of the way.</li><li>People who need credit can't, unfortunately, be underwritten according to Sameer.</li></ul> Many have termed 2020 as the watershed moment for the Indian micro, small and medium enterprise (MSMEs) that will accelerate their business growth with the digital transformation. However, the segment still continues to struggle with the traditional system set in place to offer support to them. On the second day of Business Insider’s two day event ‘<a href="https://vconfex.com/site/msme-exchange-2021/1125">MSME Exchange 2021</a>’, several politicians, business leaders, bankers and investors joined in to discuss how to not only support, but enable the <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>n <keyword id="6358354" type="UNKNOWN" weightage="20" keywordseo="MSME">MSME</keyword> segment better. One thing that was repeatedly highlighted was the fact that India needs to change its strategies and bring in different solutions for the MSME sector. Dinesh Agarwal, chief executive officer (CEO) of ecommerce platform IndiaMart, highlighted that almost 80% of the Indian MSMEs have such low turnover that they are not even good and services tax (GST) registered and their needs are going to be really different from the fractional MSMEs with more than ₹50 lakh as revenue. Notably, MSMEs need to have a turnover of at least ₹50 lakh to register for GST. Meanwhile, a company is considered MSME based on its investment and turnover. <table style="border-width: initial; border-style: none;"></colgroup></colgroup></colgroup><tbody><tr><td colspan="3" style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Updated MSME Definition </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Type of enterprise </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Investment </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Turnover </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Micro </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹5 crore </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Small </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹10 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹50 crore </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Medium </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹50 crore </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹250 crore </td></tr></tbody></table> He noted that there needs to be a different approach that needs to be taken in order to cater to the needs of each one of them. Meanwhile, fintech firm BharatPe’s group president Suhail Sameer added that the system also needs to change to stop benefiting large businesses at every step of the way. “People who don't need credit get all the credit. People who need credit, even though they are willing to pay a higher rate of interest, unfortunately can't be underwritten,” he said. He also notes that the banks have to solve for it, as the government has already done its bit by reducing the interest rates on the loans given the MSMEs. He noted that a lot of entrepreneurs start a <keyword id="6359222" type="UNKNOWN" weightage="20" keywordseo="Small-Business">small business</keyword> bank because they can’t get a universal one. “What are you eventually underwriting [a loan] on the back of? If you are underwriting on the back of CIBIL (Credit Information Bureau of India Limited) score, you're underwriting on the back of five years financial numbers. You're no different from a universal bank and I don't necessarily see what you will lend, they can’t lend with a lower cost of capital,” he said, meaning that small finance banks need to set up different criterias to lend to MSMEs. BharatPe.will soon be taking over Punjab and Maharashtra Cooperative (PMC) bank in a <a href="https://www.businessinsider.in/finance/banks/news/pmc-bank-will-have-a-new-owner-in-centrum-and-bharatpe/articleshow/83639668.cms">consortium</a> with Centrum. Sameer added that given their history of lending to small merchants over the three years, they understand alternative forms of data to judge these borrowers on. “Banks would look at the recollection behavior and sort of make a judgment three months out, versus I [BharatPe] can see how the economy is moving based on the transactions and then take some of these judgment calls sooner [compared to banks]. On one side, we're talking about credit slowing down. On the other side, we [BharatPe] have seen the loans we have helped disburse grow from like ₹15-20 crore a month, just at the beginning of COVID’s first wave (March 2020), to disbursing ₹300 crore a month at the start of COVID wave two (April 2020),” Sameer said. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/business-insider-panelists-discuss-the-reasons-why-indian-banks-shy-away-from-lending-to-msmes/articleshow/83925209.cms">India’s banks still shy away from lending to small businesses -- Business Insider’s MSME Exchange panelists debate the reasons</a> <a href="https://www.businessinsider.in/tech/apps/news/one-year-of-chinese-apps-ban-indian-alternatives-take-over-tiktok/articleshow/83943865.cms">One year of Chinese apps ban — Indian alternatives take over TikTok</a> <a href="https://www.businessinsider.in/business/startups/news/zomato-reportedly-invests-120-million-in-grofers/articleshow/83951631.cms">Grofers becomes a unicorn after Zomato reportedly invests $120 million</a>

You Searched For "bharatpe pmc bank" and got 9 results

The former boss of India's largest bank joins a soon-to-be small finance bank — here's why

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Tiger Global pumps enough money to make BharatPe a unicorn about a month after it got a banking licence with Centrum as its partner

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PMC Bank will have a new owner in Centrum and BharatPe

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Three-year-old BharatPe and Centrum gets RBI nod to set up a small finance bank

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BharatPe’s banking licence, Digit’s funding, Mswipe’s new CEO and more -- mega deals and launches in India’s fintech space

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Ashneer Grover resigns from BharatPe. This is what he had to say.

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BharatPe raises ₹200 crore in debt to build a loan book of $1 billion by March 2023

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From BMW bikes to Apple iPads to T20 World Cup in Dubai — BharatPe is trying hard to woo tech talent

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India needs to bring different solutions for MSMEs -- Business Insider’s MSME Exchange panelists highlight why

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