BharatX, a fintech startup, has raised $4.5 million in a funding round from Silicon Valley-based famed accelerator Y Combinator, 8i Ventures, Multiply Ventures and Soma Capital.

Several marquee angel investors like Kunal Shah (co-founder of Cred), Arash Ferdowsi (co-founder of Dropbox), Harshil Mathur and Shashank Kumar (co-founders of Razorpay), and Varun Alagh (co-founder of Mamaearth) also participated in the funding round.

As per the startup, the raised funds will be used to expand its team and develop its product.

BharatX | Redefining Credit For The Indian Middle Class

Founded by Mehul Nath Jindal, Eeshan Sharma, and Shyam Murugan in 2019, BharatX enables consumer-facing platforms to offer credit-as-a-feature. Presently, the fintech startup is working with more than 50 brands in India and has grown its revenue by more than 10X in the last four months.

Speaking about the development, Mehul Nath Jindal, Co-founder of BharatX, said,

“Our B2B2C (business-to-business-to-consumer) business model enables us to not only win trust of users via the brand power of players we work with but also enables us to reach millions of users at scale with almost zero cost.”

BharatX’s embedded credit feature is the “Pay in 3” plan for high ticket transactions on ecommerce platforms, allowing the customer to split their purchases into three interest-free instalments. The fintech startup plans to increase the credit stack on offer by launching new product verticals such as UPI Credit, Pay in 3, and 15/30 day cycle products like credit cards.

In December 2021, BharatX raised $250,000 (Rs 1.81 crore) in a pre-seed round from angel investors.

Speaking highly about the founders, Vikram Chachra, founding partner at 8i Ventures, said,

“We are committed to invest in the seed round of BharatX within our first meeting with the founders. It’s rare to find this combination of clarity of vision and flawless execution at such an early stage of a venture.”

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