Ashneer Grover and Shashvat Nakrani played key roles in building BharatPe into a major merchant payments and fintech platform.
Explore the rise, controversy and comeback of BharatPe, from Ashneer Grover’s high-profile exit to the company’s return to profitability.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy.
Quick Facts
Ashneer Grover: Co-founder of BharatPe (2018-2022); founder of Third Unicorn, ZeroPe, and Crickpe; former Managing Director, BharatPe. (YourStory)
Shashvat Nakrani: IIT graduate; Co-founder and COO, BharatPe; also founded Twelve Club and Postpe. Years active: 2017 to present.
Nalin Negi: Current CEO, BharatPe, appointed following the leadership transition after Grover’s departure.
Table of Contents
- Introduction
- The BharatPe Story
- Business Model
- Funding History
- Revenue and Recent Performance
- BharatPe vs Competitors
- Current Role and Recent Moves
- Key Takeaways
- FAQs
Introduction
BharatPe was founded in 2018 by IIT graduates Bhavik Koladiya and Shashvat Nakrani, with Ashneer Grover joining as a co-founder that July, to solve a basic problem for India’s small merchants: no simple way to accept UPI payments from every app through a single QR code. (YourStory) The company grew quickly into a fintech unicorn before a high-profile boardroom conflict pushed Grover out in 2022. Three years later, under CEO Nalin Negi, BharatPe has turned toward profitability and is preparing for a possible IPO.
The BharatPe Story
At founding, regulatory filings show Koladiya held the largest stake at 42.5 percent, Nakrani held 25.5 percent, and Grover received 32 percent equity. (YourStory) Grover became the company’s public face, notably as a “shark” on Shark Tank India, while BharatPe scaled its interoperable QR code and merchant lending business into a startup valued at $2.85 billion, backed by Sequoia Capital India, Tiger Global, Insight Partners, and Ribbit Capital. (TechCrunch)
In early 2022, an audio recording surfaced of a man making abusive and threatening statements to a Kotak Mahindra Bank representative; Kotak confirmed the call’s authenticity. (TechCrunch) The board opened an investigation into financial irregularities involving Grover and his wife, Madhuri Jain Grover, then the company’s head of controls; her role was terminated shortly after. (TechCrunch) Grover resigned from the board and as managing director in March 2022, and a multi-year legal battle followed, including a Delhi High Court Lookout Circular against Grover and Jain over alleged fund diversion through HR consultancies, and separate lawsuits from co-founders Koladiya and Nakrani over unpaid shares. (YourStory) BharatPe and Grover reached a settlement in September 2024, closing the dispute. (CEO Vine)
Business Model
BharatPe provides merchants with an interoperable UPI QR code that accepts payments from any UPI app, alongside point-of-sale devices, Soundbox payment confirmation devices, and merchant lending through its NBFC arm, Trillionloans. The company also holds a stake in Unity Small Finance Bank and has expanded into consumer-facing UPI payments through a Third-Party Application Provider license. (Business Standard)
Funding History
BharatPe has raised roughly $865 million across 20 rounds, including both equity and debt, from investors including Sequoia Capital India (now Peak XV Partners), Tiger Global, Beenext, Steadfast Capital, and Ribbit Capital. (CB Insights; Deccan Founders) Its last disclosed primary valuation stood at ₹20,100 crore as of August 2021. (Tracxn) As of mid-2025, the company was reportedly in advanced talks to raise $80-100 million in a pre-IPO round led by Coatue Management. (Deccan Founders)
Revenue and Recent Performance
BharatPe’s revenue grew 39 percent to Rs 1,426 crore in FY24, up from Rs 1,029 crore in FY23, while its EBITDA loss narrowed sharply to Rs 209 crore from Rs 826 crore, with cash burn down 85 percent year-over-year. (Business Standard) The company turned EBITDA positive in October 2024, and FY25 marked a full turnaround, with an adjusted profit before tax of Rs 6 crore, excluding ESOP costs, compared to a Rs 342 crore loss the prior year. (Business Standard) Nine-month FY25 revenue reached Rs 1,787.7 crore, already surpassing all of FY24. (Inc42)
BharatPe vs Competitors
BharatPe competes with Paytm and PhonePe in merchant QR-code payments, and with Pine Labs in point-of-sale devices and merchant lending. Unlike its larger UPI rivals, BharatPe has leaned heavily into merchant lending as a core differentiator rather than pure payments volume, a strategy CEO Nalin Negi has framed as central to reaching sustainable profitability ahead of a planned IPO. (Inc42)
Current Role and Recent Moves
Nalin Negi continues to lead BharatPe as CEO, having steered the company through governance reforms, reduced cash burn, and a return to profitability following the Grover-era turmoil. Nakrani remains Co-founder and COO. BharatPe has increased its stake in Trillionloans to 74 percent, with plans for full ownership, and is targeting an IPO roughly 18 to 24 months out, pending a fully PAT-positive business and RBI approval for a payment aggregator license. (Business Standard) Grover, since leaving BharatPe, has founded Third Unicorn with his wife Madhuri Jain Grover and entrepreneur Aseem Ghavri. (CEO Vine)
Key Takeaways
- BharatPe was founded in 2018 by Bhavik Koladiya and Shashvat Nakrani, with Ashneer Grover joining as a co-founder later that year.
- A 2022 governance crisis led to Grover’s resignation as managing director, followed by years of litigation that settled in September 2024.
- The company has raised roughly $865 million across 20 rounds from investors including Peak XV Partners, Tiger Global, and Ribbit Capital.
- BharatPe turned EBITDA positive in October 2024 and posted an adjusted profit before tax in FY25 after years of losses.
- The company is targeting an IPO within 18 to 24 months under CEO Nalin Negi.
FAQs
Who founded BharatPe?
Bhavik Koladiya and Shashvat Nakrani founded it in 2018; Ashneer Grover joined as a co-founder that July.
Why did Ashneer Grover leave BharatPe?
He resigned as managing director in March 2022 following a board investigation into alleged financial irregularities, amid separate public controversy over a leaked audio recording.
Is BharatPe profitable now?
It posted an adjusted profit before tax of Rs 6 crore in FY25, a turnaround from a Rs 342 crore loss in FY24.
Who is BharatPe’s current CEO?
Nalin Negi.
Is BharatPe planning an IPO?
Yes, the company is targeting a listing roughly 18 to 24 months out, pending full profitability.
Who are BharatPe’s competitors?
Paytm, PhonePe, and Pine Labs in merchant payments and lending.
© The Founder Nation | Written by TFN Research Desk
