BharatPe is a Delhi-based fintech startup that initially started as a digital payments facilitator for local shops and small merchants around the country.
The startup company enables consumers to pay digitally through UPI by deploying QR codes at merchant shops. Further, from the digital payment intercessor, the startup has now landed in the finance field to lend loans to small merchants and local Kirana stores.
The company has created an Employee Stock Options Pool (ESOP) for its employees worth $20 Million. Also, the company is looking to hire ten executives for traversing its company verticals, who will also be given the shares from this pool.
“I aim to attract top-level talent from the industry across sectors like commerce, financial services, and FMCG; the ESOP pool will be a major attraction in that endeavor. I am trying to build out the entire top management across lending, technology, and products to drive the next round of growth,” said Ashneer Grover, chief executive officer, BharatPe, in an exclusive interaction with Tech2.
Moreover, the startup company has already given shares of worth $5 million to its existing employees and now tends to escalate the endeavor by surging the amount to $20 million.
“Unlike many other startups, we will allow our employees to vest 25 percent of their pool after completion of the first year, post that over the next three years, 75 percent can be vested,” said Grover.
BharatPe has raised the equity capital of $65 million in total from Steadview Capital, Ribbit Capital, Beenext Capital, and vaious others. With support from the investors, the company will buy back the shares from its employees if they are willing to invest.
Ultimately Grover said – “We will be helping our employees to make in the process. The value of the shares will be marked against the last primary round valuation of the company.”
BharatPe has emerged as one of the fastest-growing fintech startups in India within fifteen months of its company establishment. The company is now diversifying into the finance market and is expected to lend around $10 million to small merchants as small business loans.
Besides, the company has been onboarding around 3 million merchants and playing a significant rise by 27 percent in its transaction volume.
“We are already a 200 member team at BharatPe, and now I am opening a new office with around 60 seats mainly to house the products and tech teams which is currently only 25 members strong,” said CEO Grover.