BharatPe Gets RBI Approval For Payment Aggregator Business

BharatPe today said that its subsidiary Resilient Payments Private Limited has secured final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator (PA)

The company claimed that it has become the only fintech in India to have an NBFC licence via Trillion Loans, a stake in Unity Small Finance Bank and now a PA licence.

BharatPe further said that the development reflects the commitment in building a business rooted in compliance, strong governance and long-term value.

This move also strengthens BharatPe’s position as a full-service fintech company, offering digital payments, lending and investment services.

“As we move ahead, our focus remains on scaling digital payments in a way that is sustainable, responsible, and aligned with the evolving expectations of the ecosystem,”  BharatPe’s CEO Nalin Negi said. 

With this, the company joins the likes of Razorpay, Cashfree, Innoviti and Easebuzz, MSwipe, Google Pay, Zomato, CC Avenue, Innoviti Payments, Vegaah, and Concerto Software and Systems, among others that have secured a PA licence over the past two years.

In 2024, the RBI introduced several regulatory changes, making obtaining a PA licence more challenging for startups. Fearing this, dozens of startups applied for the licences in the last few years to avoid the RBI scrutiny as a result of 2024 guidelines. 

BharatPe’s Superapp Race

This move also strengthens BharatPe’s position as a full-service fintech company. The company is contending in the superapp race against the likes of PhonePe, CRED, Groww, Jio Financial Services, Google Play and Flipkart. 

Founded in 2018 by Ashneer Grover and Shashvat Nakrani, BharatPe was the first to launch UPI interoperable QR code, the zero MDR payment acceptance service and the zero MDR card acceptance terminals.

Over the years, it has forayed into segments like Buy Now Pay Later, wealthtech (Invest BharatPe) and credit lending via NBFC partners such as L&T Finance, CASHe, and True Credit . Besides, it also offers UPI payments, bill payments and credit card repayment options as well as ecommerce section on its platform.

IPO And Break-Even Point

With IPO around the corner, the company has bounced back from losses to a break-even point. To be precise, it has reached this position after the first nine months of the fiscal year from a net loss of INR 492 Cr FY24.

Not only the company faced towering losses worth INR 927 Cr in FY23 and INR 492 Cr in FY24, but over the past couple of years, it was embroiled in a legal battle with its cofounder, Ashneer Grover. This dispute was resolved in September 2024, allowing the company to make efforts to stabilise operations.

These efforts include leadership changes, with Nalin Negi appointed as the full-time CEO after Sameer’s exit. Also, other factors like obtaining an NBFC license through its 63% stake in Trillion Loans and owning a stake in Unity Small Finance Bank, played a vital role in bringing BharatPe on track.

How Is BharatPe Different From Its Peers?

Unlike its counterparts, Paytm or PhonePe, BharatPe’s revenue is mostly supplemented by its B2B play. 

A company spokesperson had previously pointed out that its B2B offerings, including merchant loans, soundboxes, and PoS terminals and cross-selling options like credit cards on UPI, bring in over 90% of revenue.

While PhonePe and Paytm are focusing on the loan distribution model and drawing commissions from lending partners, nearly 30% of BharatPe underwritten loans comes from its own NBFC. 

However, there is a stark difference in the topline between BharatPe and its peers. While BharatPe clocked revenue of INR 1534.4 Cr in FY24, PhonePe and Paytm’s operating revenues stood at INR 5,064 Cr and INR 9,978, respectively, in FY24.