Ashneer Grover, Shashvat Nakrani, and Suhail Sameer: The Fintech Visionaries Behind BharatPe

In the world of fintech, there are those who simply dream, and then there are those who make those dreams a reality. Ashneer Grover, along with Shashvat Nakrani and Suhail Sameer, falls into the latter category. These visionaries have steered BharatPe into becoming one of India’s most influential fintech start-ups, with a valuation of $2.85 billion and ambitious plans to reshape India’s financial landscape.

Ashneer Grover, the 39-year-old co-founder of BharatPe, lives by a fundamental rule: “If you have to do something, do it big.” In his words, doing something smaller demands an equal amount of effort. Grover’s passion for going big is evident in the remarkable growth of BharatPe in just three years. Founded in April 2018, the company raised a staggering $370 million in August 2021 from investors including Tiger Global, Sequoia Growth, and Dragoneer Investment Group, cementing its unicorn status. The company’s joint venture with Mumbai-based Centrum Group received in-principle approval from the Reserve Bank of India (RBI) in June to take over the troubled cooperative lender PMC Bank and re-launch it as a small finance bank. This consortium represents the first small finance bank in nearly six years to receive such approval from the RBI, underscoring BharatPe’s impactful journey.

For Grover, it’s not about valuations but about leadership. He adamantly believes that money follows leadership, not the other way around. His unwavering focus is on being a leader in the industry, and BharatPe’s success is a testament to his commitment.

BharatPe, the brainchild of Grover, Nakrani, and Sameer, is a financial services platform that processes payments and provides credit and loans to merchants and shopkeepers across India. The company’s commitment to revolutionizing the payment ecosystem is exemplified by its development of India’s first UPI interoperable QR code. BharatPe proudly operates India’s first zero MDR (Merchant Discount Rate) payment acceptance service, serving over 70 lakh merchants across 140 cities. It processes a staggering 12 crore UPI transactions every month, with an annualized transaction value of $10 billion.

In Grover’s vision, lending is where the real potential lies. He envisions BharatPe evolving into the bank account for India’s merchants, providing them with access to capital and a broad spectrum of financial products. The company’s partnership with Centrum Group aligns with this vision, as they embark on their journey to offer banking services. This strategic move will put BharatPe in direct competition with established players, driving innovation in a sector that has seen minimal change in the past few decades.

While BharatPe disrupts traditional banking, it continues to focus on payments and lending. Grover’s commitment to offering free payments has reshaped the industry and driven digital adoption among businesses. The company operates what Grover calls India’s largest peer-to-peer lending service, primarily for merchants. Grover and his team have leveraged their insights into merchant transactions and the money flow to facilitate lending.

The company’s lending portfolio extends to various products, including gold loans, and it is set to introduce a range of merchant-focused lending services. BharatPe’s bold approach to payments and lending has garnered it a significant market share, challenging competitors to follow suit in offering payments for free. Grover’s vision to drive lending on the platform is set to unleash a wave of credit offerings through UPI, catering to the evolving financial needs of customers.

Moreover, BharatPe plans to launch consumer-focused programs on its platform, expanding its services. This move will enable it to serve both merchants and consumers effectively. Their innovative approach to “buy now, pay later” is set to disrupt the market. The Indian fintech revolution continues to attract investors, with global players keen on tapping into the immense potential of the Indian digital payment space. The rapid rise of BharatPe as a fintech unicorn reflects the growing interest in this sector.

As Ashneer Grover, Shashvat Nakrani, and Suhail Sameer steer BharatPe into a new era of financial services, they remain committed to their core values. Grover’s unwavering pursuit of leadership, Nakrani’s innovative tech insights, and Sameer’s strategic vision make this trio a force to be reckoned with in the Indian fintech landscape. With their ambitious plans and a track record of making it big, BharatPe is poised to reshape the future of finance in India.