BharatPe
Company History
BharatPe History: Founding, Growth & Key Milestones
Founded 2018 in New Delhi, India
When was BharatPe founded?
BharatPe was founded in 2018 in New Delhi, India by Shashvat Nakrani, Ashneer Grover and Bhavik Koladiya, making it 8 years old.
- Founded
- 2018
- Founding place
- New Delhi, India
- Founders
- Shashvat Nakrani, Ashneer Grover and Bhavik Koladiya
- Headquarters today
- New Delhi, Delhi, India
- Milestones documented
- 9 (2018–2026)
- Current CEO
- Nalin Negi
- Acquisitions
- 3
| Year | Event |
|---|---|
| 2018 | Founded in New Delhi |
| 2019 | Venture funding begins |
| 2020 | Series C and card machines |
| 2021 | Unicorn round and a bank |
| 2022 | Governance crisis |
| 2023 | New leadership |
| 2024 | Settlement |
| 2025 | First adjusted profit |
| 2026 | Founders exit operations |
- Where was BharatPe founded?
- BharatPe was founded in New Delhi, India in 2018.
- Who founded BharatPe?
- BharatPe was founded by Shashvat Nakrani, Ashneer Grover and Bhavik Koladiya.
- When did BharatPe start?
- BharatPe was founded in 2018.
- How old is BharatPe?
- BharatPe is 8 years old as of 2026.
Founding Story
Bhavik Koladiya and Shashvat Nakrani, then a student at IIT Delhi, began working on BharatPe in July 2017 and incorporated Resilient Innovations in March 2018, each owning half. UPI was open by design, yet every payment app pushed its own QR code, so shop counters filled with stickers and some wallets charged merchants a fee. The founders built a single QR code that worked with every UPI app and cost nothing. Ashneer Grover, an IIT Delhi and IIM Ahmedabad graduate who had been CFO of Grofers, joined as co-founder and led fundraising. Koladiya, who had a past fraud conviction in the US, moved to a consultant role when institutional investors came in, the Economic Times reported.
Founders
Shashvat Nakrani
Shashvat Nakrani co-founded BharatPe with Bhavik Koladiya, starting work in July 2017 and incorporating the company in March 2018. He worked on the interoperable QR code and merchant products, later served as COO, and stepped back from day-to-day operations on 1 May 2026 to become a strategic adviser while remaining a board director. He is the company's largest individual shareholder and appeared on the Hurun India Rich List in his early twenties. (Exact birth year remains publicly undisclosed).
Ashneer Grover
Ashneer Grover joined Nakrani and Koladiya as co-founder in 2018 and led BharatPe's fundraising and expansion, taking it to a $2.85 billion valuation in 2021. He became widely known as a judge on Shark Tank India. He left BharatPe in early 2022 after an internal review of alleged financial irregularities, which he contested in court. A settlement on 30 September 2024 ended all cases; he holds no role in the company, part of his shares went to the Resilient Growth Trust and the rest are managed by his family trust. Ashneer Grover was born in 1982.
Bhavik Koladiya
Bhavik Koladiya co-founded BharatPe with Shashvat Nakrani and built its early product. Because of a past credit card fraud conviction in the US, he became a consultant when institutional investors came in and his shares were split between the other co-founders, the Economic Times reported. He ended his association with BharatPe in August 2022 and became CEO of OTPless, a passwordless login startup, in January 2023. (Exact birth year remains publicly undisclosed).
Key Milestones
Founded in New Delhi
Bhavik Koladiya and Shashvat Nakrani incorporated Resilient Innovations in March 2018, having started work in July 2017. Ashneer Grover joined as co-founder, and the company launched an interoperable UPI QR code with no merchant fee.
Source: livemint.comVenture funding begins
BharatPe raised a $15.5 million Series A in March 2019 and a $50 million Series B in August 2019.
Source: entrackr.comSeries C and card machines
a $75 million Series C in February 2020 was followed by the launch of BharatSwipe card machines in the second half of the year.
Source: m.economictimes.indiatimes.comUnicorn round and a bank
BharatPe bought PAYBACK India for about $27 million in June, raised $370 million led by Tiger Global at a $2.85 billion valuation in August, and Unity Small Finance Bank, 49% owned by BharatPe, opened on 1 November.
Source: techcrunch.comGovernance crisis
PMC Bank's branches became Unity branches on 25 January. Ashneer Grover left after an internal review, Bhavik Koladiya ended his association in August, and former SBI Card CFO Nalin Negi joined as CFO.
Source: economictimes.indiatimes.comNew leadership
Suhail Sameer stepped down as CEO in January and Nalin Negi became interim CEO. BharatPe bought 51% of NBFC Trillion Loans and renamed PAYBACK India as Zillion.
Source: livemint.comSettlement
Negi was made full-time CEO on 16 April, BharatPe settled all disputes with Ashneer Grover on 30 September, and the 12% Club became Invest BharatPe.
Source: thehindu.comFirst adjusted profit
RBI granted the online payment aggregator licence in April, BharatPe reported a ~$696,000 (₹6 crore) adjusted profit before tax for FY2025, and it launched a RuPay credit card with Unity Bank in August.
Source: bfsi.economictimes.indiatimes.comFounders exit operations
Shashvat Nakrani stepped back as COO from 1 May, and in July the Delhi High Court restrained Unity Small Finance Bank from raising its authorised capital pending arbitration with BharatPe.
Source: entrackr.comMajor Acquisitions
PAYBACK India
2021Bought India's multi-brand loyalty programme PAYBACK India from American Express and ICICI Investments Strategic Fund in June 2021.
Unity Small Finance Bank (49% stake)
2021BharatPe and Centrum Financial Services formed a consortium that received an RBI small finance bank licence in October 2021 to take over the collapsed Punjab and Maharashtra Co-operative Bank. Centrum holds 51% and BharatPe 49%.
Trillion Loans
2023Bought 51% of Mumbai based NBFC Trillionloans Fintech so BharatPe could lend from its own regulated balance sheet. Deal value was not disclosed.
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BharatPe Company History FAQ
When was BharatPe founded?
Bhavik Koladiya and Shashvat Nakrani began work on BharatPe in July 2017 and incorporated Resilient Innovations in March 2018 in New Delhi. Ashneer Grover joined as the third co-founder.
When did BharatPe become a unicorn?
In August 2021, when it raised $370 million led by Tiger Global at a $2.85 billion post-money valuation. Six months earlier, its $108 million Series D had valued it at $900 million.
What are the key milestones in BharatPe's history?
The zero-fee UPI QR launch (2018), BharatSwipe card machines (2020), the PAYBACK India purchase, Series E and Unity Small Finance Bank (2021), Grover's exit (2022), the Trillion Loans stake (2023), the Grover settlement (2024) and its first adjusted pre-tax profit in FY2025.
Are any BharatPe founders still at the company?
Only on the board. Grover left in 2022 and Koladiya in August 2022. Shashvat Nakrani stepped back as COO from 1 May 2026 and remains a director and strategic adviser.
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