BharatPe is caught in the midst of a storm, but what is the startup’s business model? BharatPe is a B2B startup and its core offering is the QR Code for merchants to accept UPI payments which make up 80% of its $16 billion annual total payment volumes (TPV). In person-to-merchant (P2M) payments, BharatPe closed FY21 with a monthly market share of 8%. The company also has PoS machines for merchants to accept card payments. However, payments earn thin margins for the company. The company’s revenues come from its merchant and consumer-lending products. Its BNPL product PostPe clocked in a TPV of $321 million within three months of its launch in October 2021.