Bangalore-based Fintech startup BharatX has raised $ 4.5 million in handsome seeds, led by Y Combinator. Contributions from 8i Ventures, Multiply Ventures, Soma Capital and others also contributed to this round. Arash Ferdowsi (Dropbox co-founder), Harshil Mathur (Razorpay CEO and co-founder), Shashank Kumar (Razorpay founder), Varun Alagh (Mamaearth co-founder and CEO), Kunal Shah (founder and CEO) , CRED), Ankur Aggarwal (co-founder of Dunzo), Vikas Choudhury (President of Reliance Jio) also participated.
BharatX is an embedded financial startup, more specifically embedded credit, founded in 2019 by Mehul Nath Jindal, Eeshan Sharma, and Shyam Murugan. Embedded Finance Fintechs provides financial services on its non-financial consumer website. Websites that are not primarily targeted at financial services (OTT platforms, e-commerce portals, etc.) have more built-in financial options to offer users financial options instead of struggling to develop their own financial sector. It can be used as a quick method.
As an example, consumers looking to buy a smartphone from Amazon can choose from multiple EMIs, down payments, and postpaid options at checkout. These are provided by the built-in financial fintech. BharatX offers a built-in credit service that gives end users easy access to loan options on third-party non-financial websites.
Mehul Jindal, Co-Founder and CEO of BharatX, said: While doing so. “
BharatX boasts a credit approval rate of 45-55%, almost four times the market standard. With the newly acquired capital, they are expanding their teams, improving their products and taking advantage of the $ 1 trillion credit gap in India’s middle class. BharatX’s “Payin 3” feature is a great hook for new consumers, as consumers can split high-value transactions into three equivalent interest-free installments.
Embedded financial fintech is gaining solid momentum as digitalization pervades everything the world offers. BharatX competes with multiple established names such as M2P (formerly YAP), Niro, Rufifi, FundFina, and recent emerging player Falcon.
https://thetechportal.com/2022/05/12/bharatx-fintech-startup-funding-ycombinator/ Embedded Credit FinTech BharatX Seeded $ 4.5 Million From YC etc.