BharatX, a fintech startup based in Silicon Valley, has raised $4.5 million in a funding round led by Y Combinator, 8i Ventures, Multiply Ventures, and Soma Capital.  The funds will be used to increase the company’s team and develop its product.

Arash Ferdowsi, Co-Founder of Dropbox; Harshil Mathur and Shashank Kumar, Co-Founders of Razorpay; Varun Alagh, Co-Founder of Mamaearth; Kunal Shah, Co-Founder of Cred; Ankur Aggarwal, Co-Founders of Dunzo; and Vikas Choudhury, President of Reliance Jio all participated in the funding round.

BharatX is a fintech startup established in 2019 by Mehul Nath Jindal, Eeshan Sharma, and Shyam Murugan, all graduates of the National Institute of Technology (NIT) Trichy. It enables consumer-facing platforms to offer credit-as-a-feature.

According to a prepared statement, the company is currently working with more than 50 brands in India and has increased its revenue by more than tenfold in the last four months.

Their B2B2C (business-to-business-to-consumer) business model enables them to win user trust through the brand power of the players they work with and to reach millions of users at scale with almost no cost, stated Jindal, Co-Founder of BharatX.

Its embedded credit feature is the “Pay in 3” plan for high-ticket eCommerce transactions, which allows customers to split their purchases into three interest-free installments. According to the statement, BharatX intends to expand its credit offering by launching new product verticals such as UPI Credit, Pay in 3, and 15/30 day cycle products such as credit cards.

In December 2021, BharatX raised $250,000 in a pre-seed round from angel investors. Within their first meeting with the founders, they committed to investing in BharatX’s seed round. It’s unusual to find this combination of clarity of vision and flawless execution at such an early stage of a venture, according to 8i Ventures Founding Partner Vikram Chachra.

About BharatX 

BharatX is a VC-backed early-stage FinTech startup that uses technology to provide credit to the Indian middle class. Approximately 110 million households with an annual income of more than 5 lakh do not have access to formal credit. BharatX wants to change that by making Credit-as-a-Feature available on consumer-facing apps!

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