Shashvat Nakrani, co-founder and COO of BharatPe
Shashvat Nakrani co-founded BharatPe at 19, becoming India’s youngest billionaire with ₹1,300 crore net worth by age 26.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy.
Table of Contents
- Who is Shashvat Nakrani?
- Early Life and Education
- Career Before BharatPe
- How BharatPe Started
- Funding History
- Revenue Growth and Impact
- BharatPe vs Competitors
- Investor Perspective
- Founder Timeline
- Key Takeaways
- FAQs
- Sources
Who is Shashvat Nakrani?
Shashvat Nakrani is the co-founder and Chief Operating Officer of BharatPe, the fintech platform he launched in 2018 at just 19 years old while still a third-year student at IIT Delhi. He became India’s youngest billionaire, making it onto the IIFL Wealth Hurun India Rich List in 2021 at age 23 with a net worth exceeding ₹1,000 crore. By 2024, his net worth stood at approximately ₹1,300 crore, positioning him among India’s most successful young entrepreneurs. Born in Bhavnagar, Gujarat, Nakrani pioneered the zero-MDR merchant payment system using UPI interoperability, fundamentally transforming how millions of small businesses accept digital payments across India and beyond.
Early Life and Education
Shashvat Nakrani was born on September 19, 1999, in Bhavnagar, Gujarat, to a family with entrepreneurial aspirations. He grew up in a middle-class household that valued education and hard work. Nakrani pursued his Bachelor of Technology in Textile Technology at the Indian Institute of Technology, Delhi (IIT Delhi) from 2015 to 2019, an unconventional choice for an engineering student interested in fintech. Rather than follow the traditional path of securing a high-paying corporate job after IIT, Nakrani identified a critical market opportunity in India’s merchant payment ecosystem during his third year. His technical foundation and market insight proved more valuable than completing his degree, leading him to make the contrarian decision to drop out of IIT Delhi in 2018 to pursue his entrepreneurial vision full-time.
Career Before BharatPe
Before co-founding BharatPe, Nakrani had limited formal work experience, primarily because he was still a student when he identified the merchant payment problem. However, his academic exposure at IIT Delhi gave him exposure to the Unified Payment Interface (UPI) and its technical architecture. During his final year at IIT, he began researching India’s payment infrastructure deeply, understanding the pain points faced by small merchants and street vendors who were forced to accept digital payments post-demonetization but faced steep Merchant Discount Rates (MDR) that eroded their thin profit margins. This direct observation of merchant challenges, combined with his technical knowledge of UPI’s interoperability features, became the genesis for BharatPe. Unlike many entrepreneurs who theorize about problems, Nakrani spent time talking to shopkeepers, street vendors, and small business owners to validate his assumptions before building the product.
How BharatPe Started
In 2018, Shashvat Nakrani co-founded BharatPe with Ashneer Grover, a Coca-Cola executive who brought business discipline and growth expertise to the venture. Nakrani served as the technical architect and product visionary, identifying the specific gap: merchants needed a single QR code that could accept payments from all major UPI apps (Google Pay, PhonePe, Paytm, WhatsApp Pay) without any merchant discount rate charges. This interoperable zero-MDR QR payment system was revolutionary. Nakrani leveraged UPI’s open architecture to build a unified payment gateway that allowed merchants to streamline transactions and increase profitability. The product gained rapid traction among street vendors, small shopkeepers, and informal merchants who had been excluded from digital payment adoption. BharatPe expanded into merchant lending in 2019, using transaction data to underwrite small working capital loans, further deepening relationships with merchants.
Funding History
BharatPe raised over $600 million in funding, becoming one of India’s fastest-funded fintech startups. Tiger Global led a $370 million Series E round in August 2021, valuing BharatPe at $2.9 billion and granting it unicorn status within just three years of founding. Major investors included Sequoia Capital, Ribbit Capital, Insight Partners, and Coatue Management. The rapid capital infusion reflected investor confidence in the merchant-first payment model and India’s digital payments opportunity.
Revenue Growth and Impact
| Metric | Achievement |
| Monthly UPI Transactions | 450 million |
| Annual TPV | ₹1.7 lakh crores |
| Merchant Loans Disbursed | ₹14,600 crores |
| Valuation at Peak | $2.9 billion |
BharatPe processed 450 million UPI transactions monthly with ₹1.7 lakh crores in annualized Total Processed Value at its peak. The company had disbursed over ₹14,600 crores in merchant loans by 2022, demonstrating successful execution of its lending strategy. Nakrani’s vision attracted over 8 million merchants onto the platform, representing one of India’s largest merchant networks. Despite governance controversies involving co-founder Ashneer Grover in 2022, the underlying business model proved resilient, with BharatPe continuing operations and maintaining merchant relationships.
BharatPe vs Competitors
| Company | Founded | Model | Status |
| BharatPe | 2018 | Merchant-first, zero-MDR | Unicorn |
| PayTM | 2010 | Wallet + payments | Public (2023) |
| PhonePe | 2015 | Consumer UPI | $12B+ valued |
| Google Pay | 2017 | Consumer UPI | Major player |
BharatPe differentiated itself through relentless merchant focus while competitors prioritized consumer payments. PayTM’s public status and PhonePe’s Flipkart backing provide capital advantages, but BharatPe’s merchant lending and zero-MDR positioning remain unique. Nakrani’s strategic positioning enabled BharatPe to capture a market segment competitors initially overlooked: underserved small businesses with thin margins seeking to increase profitability through digital payments.
Investor Perspective
Nakrani demonstrated exceptional founder qualities rare in Indian startup ecosystem: identifying an overlooked market segment, building product solving a real pain point, and executing at scale while still in his twenties. His technical depth from IIT ensured product excellence, while his merchant conversations ensured product-market fit. The decision to expand into lending leveraged transaction data to create additional business moats. However, governance controversies involving co-founder Ashneer Grover in early 2022 raised questions about Nakrani’s oversight role and board accountability. Post-controversy, BharatPe’s ability to achieve its IPO roadmap depends on Nakrani’s continued focus on operational excellence and merchant relationships while restoring investor confidence in governance standards.
Founder Timeline
- 1999 Sept 19 — Born in Bhavnagar, Gujarat
- 2015-2019 — Pursues B.Tech Textile Technology at IIT Delhi
- 2017-2018 — Identifies merchant payment gap during IIT years
- 2018 — Co-founds BharatPe with Ashneer Grover at age 19
- 2018 June — Launches BharatPe with zero-MDR UPI QR code
- 2019 — Expands into merchant lending using transaction data
- 2019 — Featured on Forbes 30 Under 30 list
- 2021 Aug — Tiger Global Series E: $370M at $2.9B valuation
- 2021 — Youngest person to feature in IIFL Hurun Rich List at age 23
- 2022 Jan-Feb — Co-founder Ashneer Grover exits amid controversy
- 2022-2024 — Maintains BharatPe operations and merchant focus
- 2024 — Net worth reaches ₹1,300 crore; continues as COO
- 2025 — Focuses on merchant expansion and lending growth
Key Takeaways
- Merchant pain point as catalyst: Nakrani identified zero-MDR opportunity at 19 and built a $2.9B unicorn in three years.
- Young founder advantage: Age 19 at founding enabled rapid execution and risk tolerance older founders might lack.
- Technical foundation matters: IIT background ensured product quality and UPI architecture mastery differentiated BharatPe.
- Data-driven expansion: Merchant transaction data became lending moat, creating diversified revenue streams.
- Governance challenges: Co-founder exit in 2022 tested Nakrani’s ability to stabilize company and maintain investor confidence post-controversy.
FAQs
Who co-founded BharatPe with Shashvat Nakrani?
Ashneer Grover in 2018, though Grover resigned in February 2022 amid financial misconduct allegations.
How old was Shashvat Nakrani when he founded BharatPe?
Just 19 years old, while in his third year at IIT Delhi.
When did BharatPe reach unicorn status?
August 2021, when Tiger Global led a $370 million Series E at $2.9 billion valuation.
What is Shashvat Nakrani’s net worth?
Approximately ₹1,300 crore as of 2024, making him India’s youngest billionaire.
What is Shashvat Nakrani’s educational background?
B.Tech in Textile Technology from IIT Delhi (2015-2019), dropped out in third year.
What is BharatPe’s zero-MDR model?
A unified QR code allowing merchants to accept payments from all UPI apps without merchant discount rate charges.
How many merchants use BharatPe?
Over 8 million merchants on the platform, processing 450 million transactions monthly.
How much merchant lending has BharatPe disbursed?
Over ₹14,600 crores in merchant loans by 2022.
Is Shashvat Nakrani still with BharatPe?
Yes, he remains Chief Operating Officer and is actively building the company despite co-founder controversy.
How does BharatPe differentiate from PayTM and PhonePe?
Nakrani’s merchant-first, zero-MDR model targets small businesses vs. consumer-focused competitors.
Sources
- Shashvat Nakrani Co-founder Story: https://startuptalky.com/shashvat-nakrani-success-story/
- IIFL Wealth Hurun Rich List 2021: https://www.dnaindia.com/business/report-meet-shashvat-nakrani-ashneer-grover-s-cofounder-who-dropped-out-of-iit-for-startup-his-net-worth-is-bharatpe-3032449
- Shashvat Nakrani Net Worth 2024: https://www.india.com/business/meet-man-dropped-out-of-iit-started-company-at-19-to-start-bharatpe-is-now-a-billionaire-shashvat-nakrani-his-net-worth-is-rs-1300-cr-7443598/
- BharatPe Zero-MDR Model: https://naction.in/meet-shashvat-nakrani/
- Shashvat Nakrani Biography: https://www.theprogresscatalyst.com/post/shashvat-nakrani-the-progress-catalyst
- IIT Delhi Textile Technology: https://www.dnaindia.com/business/report-meet-iit-dropout-who-co-founded-29-billion-company-at-19-with-ashneer-grover-shashvat-nakrani-bharatpe-cfo-3074743
- Career Before BharatPe: https://startuptalky.com/shashvat-nakrani-success-story/
- Merchant Payment Problem: https://www.slideshare.net/slideshow/shashvat_nakrani_presentation-pptx-lathish/275177995
- Ashneer Grover Co-founder: https://startuptalky.com/ashneer-grover-success-story/
- BharatPe UPI Interoperability: https://naction.in/meet-shashvat-nakrani/
- BharatPe Funding: https://techcrunch.com/2021/08/03/india-fintech-bharatpe-valued-at-2-85-billion-in-tiger-global-led-370-million-funding
- Tiger Global Series E: https://techcrunch.com/2021/08/03/india-fintech-bharatpe-valued-at-2-85-billion-in-tiger-global-led-370-million-funding
- Transaction Metrics and Merchant Loans: https://www.dnaindia.com/business/report-meet-iit-dropout-who-co-founded-29-billion-company-at-19-with-ashneer-grover-shashvat-nakrani-bharatpe-cfo-3074743
- Merchant Lending Data: https://www.dnaindia.com/business/report-meet-man-dropped-out-of-iit-then-built-rs-24335-crore-company-has-net-worth-of-rs-1300-crore-3105590
- Competitive Differentiation: https://www.theprogresscatalyst.com/post/shashvat-nakrani-the-progress-catalyst
- Investor Assessment: https://techcrunch.com/2021/08/03/india-fintech-bharatpe-valued-at-2-85-billion-in-tiger-global-led-370-million-funding
- Post-Controversy Outlook: https://www.dnaindia.com/business/report-meet-shashvat-nakrani-ashneer-grover-s-cofounder-who-dropped-out-of-iit-for-startup-his-net-worth-is-bharatpe-3032449
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