Finance firm BharatX secures $4.5 M in a seed round to enable embedded credit

BharatX, a Bengaluru-based finance firm, has raised $4.5 million in its seed round. Y Combinator, 8i Ventures, Multiply Ventures, and Soma Capital led the new funding round.

Existing investor Java Capital joined the round, as did angel investors Arash Ferdowsi of Dropbox, Harshil Mathur and Shashank Kumar of Razorpay, Kunal Shah of CRED, Varun Alagh of Mamaearth, Ankur Aggarwal of Dunzo, and Vikas Choudhury of Jio.

The funds will be used to grow and develop the startup’s personnel, work on its product, and expand its reach. BharatX intends to expand its credit offering by launching new product verticals such as UPI Credit, Pay in 3 and 15/30 day cycle credit cards.

“Consumers of India deserve a better class of Credit products out there. Today, if you look at the landscape, most players have low Credit Eligibility approval rates, long documentation sign-up processes and unethical collection practices. We want to give the Middle Class of India easy access to credit products that they deserve yet are not able to access today, while setting the bar for world-class UX and customer service while doing so,”

Mehul Jindal, Co-founder & CEO, BharatX

The “Pay in 3” plan for High Ticket transactions on E-Commerce players is BharatX’s most popular integrated credit route, allowing customers to break their purchases into three interest-free instalments with one of the greatest acceptance rates in the market.

BharatX has been working with 50+ firms in India, including the major D2C brands, since its launch in 2019. It’s volume has increased by more than 10X in the last four months. Mehul Nath Jindal, Eeshan Sharma, and Shyam Murugan, all final year students at the National Institute of Technology (NIT) Trichy, are among the founders.

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