BharatX, a FinTech Startup that helps Consumer-facing platforms to offer Credit-as-a-Feature, recently conducted and concluded a Pre-seed investment round. It successfully raised $250,000 (INR 1.81 crores) from marquee angel investors and other investment veterans to boost Embedded Credit in the Indian market.
The round was participated by several top investors like:
● Java Capital (Lead investor),
● Anupam Mittal, Founder Shaadi.com / People Group,
● Ritesh Jain, Ex-Chief Operating Officer of HSBC,
● Faiz Mayalakkara, Director of Investments at UAE’s Sovereign Wealth fund,
● Amit Kumar Singh, ex-CBO, Indialends.com and
● LetsVenture AIF
The funding will help enable BharatX’s plan to offer seamless Embedded Credit experiences on many consumer-facing platforms across the country, with zero credit risk and zero operational hindrances 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 because of a shortage of documentation, high-interest rates, and inadequate supply of credit in the informal sector. BharatX desires to bridge the chasm with credit products enabled on apps that those users already use.
Mehul Jindal, the founder of BharatX, says, “Over the past decade, startups have not only introduced the Bank to our mobile phones, but they have brought what even the Banks couldn’t deliver – Access to Credit. Our aspiration with BharatX is to offer cheap access to affordable credit to Every Middle-Class Indian who deserves it with a Zero Document Flow. Embedded Credit makes it feasible for us to get users at a much lower price while also creating value for the Platform we partner with, be it through journeys like Khata, Try & Buy, Pay Later, Credit Line, etc.”
He continues, “We are optimistic and very thankful to our investors for putting their belief in us to solve this issue which has plagued Indians for far too long. We aspire to bring some stimulating and disruptive tech to the market soon.”
Karteek Pulapaka, the Partner, Java Capital, says, “We are extremely enthralled to join forces with BharatX and back the exceptional founding team led by Mehul Jindal. BharatX offers plug-and-play credit products through an ultralight SDK that can be integrated by brands, e-commerce stores, businessmen, and their own mobile apps. The next tsunami of development in India will come from its deepening internet integration and increased data usage. However, much of this growth relies on how easily customers can access credit, and if it is economically feasible. BharatX can revolutionize how this wave of internet shoppers utilise the benefits of formal credit. We are excited to be part of this visionary mission.”
BharatX has the most popular “Khata” plan for daily essentials sellers, which allows people to buy groceries and household essentials, and pay the following month, similar to the offline Khata that many Kirana’s offer offline to their customers. It also has a “Pay-in-3” option, which allows the customer to split their purchases into three interest-free installments with one of the highest approval rates in the market. BharatX’s “Try-and-Buy” feature allows customers to try out a garment and pay up to 5-10 days after delivery, solving customer concerns regarding returns and refund policy. It also offers to pay later for food delivery and payment apps, and postpaid features for ride-hailing apps.
