Home / Companies / Start-ups /  BharatX raises $250,000 in pre-seed round led by Java Capital

BharatX raises $250,000 in pre-seed round led by Java Capital

The round saw participation from angels including Java Capital (lead investor), Anupam Mittal, founder Shaadi.com/People Group, Ritesh Jain, ex-chief operating officer of HSBC. (REUTERS)Premium
The round saw participation from angels including Java Capital (lead investor), Anupam Mittal, founder Shaadi.com/People Group, Ritesh Jain, ex-chief operating officer of HSBC. (REUTERS)

  • The funding will help drive BharatX’s strategy to deliver seamless embedded credit experiences on many consumer-facing platforms across India, with zero credit risk and zero operational headaches for the platforms

Mumbai: BharatX, a fintech startup that enables consumer-facing platforms to offer credit-as-a-feature, has raised $250,000 ( 1.81 crore) in a pre-seed round from marquee angel investors and other industry veterans to boost embedded credit in the Indian market.

The round saw participation from angels including Java Capital (Lead investor), Anupam Mittal, founder Shaadi.com/People Group, Ritesh Jain, ex-chief operating officer of HSBC.

The funding will help drive BharatX’s strategy to deliver seamless embedded credit experiences on many consumer-facing platforms across India, with zero credit risk and zero operational headaches for the platforms. Customers of the platforms will enjoy a white-label seamless experience with no separate app download required.

Currently, nearly 480 million Indians don’t get access to credit due to lack of documentation, high-interest rates and inadequate supply of credit in the informal sector. BharatX aims to bridge this gap with credit products enabled on apps that those users already use.

Mehul Jindal, founder of BharatX, said, “Over the last decade, startups have brought the bank to our mobile phones, but they haven’t brought what even the Banks couldn’t deliver - Access to Credit. Our goal with BharatX is to enable easy and cheap access to Credit to Every Middle Class Indian who deserves it with a Zero Document Flow. Embedded Credit, allows us to acquire users at much lower costs while also creating value for the Platform we partner with, be it through journeys like Khata, Try & Buy, Pay Later, Credit Line, etc."

The most popular embedded credit journey by BharatX is the “khata" plan for daily essentials sellers, which allows people to buy groceries and household essentials, and pay next month, similar to the offline khata that many kirana’s offer to their customers. It also has a “Pay-in-3" option, which allows the customer to split their purchases into three interest-free instalments with one of the highest approval rates in the market.

BharatX’s “Try-and-Buy" feature, is suited for social commerce platforms and apparel and fashion websites; it allows customers to try out a garment and pay upto 5-10 days after delivery, solving customer concerns regarding returns and refund policy.

BharatX also offers pay later for food delivery and payment apps, and postpaid features for ride-hailing apps. Its “Design-Your-Own-Credit" feature also allows merchants the freedom to develop their own payment method, with technology powered by BharatX.

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