BharatPe Merchant Payment Fintech Startup

BharatPe, India’s fastest growing Fintech company, today announced the appointment of Rajnish Kumar on its Board. Rajnish Kumar, one of the most respectable names in the banking industry in India and erstwhile Chairman of SBI, will also be the Chairman of the Board.

Rajnish will be involved in defining the Company’s short-term and long-term strategy, and also will work closely with the other Board Members and CXOs on key business and regulatory initiatives. He will also advise and counsel the Management on matters around business performance as well as corporate governance.

Rajnish Kumar is one of the most respectable names in the Indian banking industry. An industry veteran, he has held the position of Chairman of the State Bank of India. He became the Chairman of State of Bank of India in October 2017 and ended his three-year term in October 2020. He has also served as Managing Director (National Banking Group), and the Managing Director (Compliance & Risk) of SBI.

The senior bank official previously also headed the SBI Capital Markets Limited (the Merchant Banking arm of State Bank of India) as Managing Director and Chief Executive Officer, before becoming Managing Director in SBI. He is also an independent non-executive director at HSBC Bank, Asia and L&T Infotech.

BharatPe was co-founded by Ashneer Grover and Shashvat Nakrani in 2018 with the vision of making financial inclusion a reality for Indian merchants. In 2018, BharatPe launched India’s first UPI interoperable QR code, the first zero MDR payment acceptance service.

In 2020, post-Covid, BharatPe also launched India’s only zero MDR card acceptance terminals – BharatSwipe. Currently serving over 70 lakh merchants across 140+ cities, the company is a leader in UPI offline transactions, processing 11 crores+ UPI transactions per month (annualized Transaction Processed Value of US$ 11+ Bn). The company has already facilitated disbursement of loans totaling to over Rs. 2,200 crores to its merchants, since launch. BharatPe’s POS business processes payments of over Rs. 1,400 crores/ month.

Ashneer Grover, Co-Founder and Managing Director of BharatPe, said, “It is a matter of great validation and pride for us that one of the biggest stalwarts of the Indian Banking Industry has agreed to join BharatPe as the Chairman of the Board. We look forward to invaluable guidance from Rajnish Kumar as we build India’s largest digital credit provider. We are confident that under his able guidance, BharatPe will attain newer heights and build the best-in-class Fintech for the new India.”

Rajnish Kumar further added, “In just 3 years, BharatPe has come a long way in becoming a trusted name in the financial services industry. It has redefined payments with its products like interoperable QR and has also emerged as the largest B2B lender in the industry. This company has a huge opportunity ahead and it would be great to work closely with its young and talented team to build financial services for the India of tomorrow.”

Online Team AsiaTech
Online Team Asia Tech is a team of Journalists, Entrepreneurs, and Enthusiast Writers who contribute to the platform by bringing everyday stories, updates, opinions and insights from the Asian Startup Ecosystem.

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