Bengaluru-based fintech startup BharatX raised $4.5 million in seed round from Y Combinator, 8i Ventures, Multiply Ventures, Soma Capital and others investors to enable embedded credit in the Indian market, the company said on May 12.
The Y-Combinator-backed startup plans to use the funds to build and expand its team, work on products and expand footprint.
Existing investor Java Capital also participated in the round, which also saw participation of several marquee angels including Arash Ferdowsi, Co-founder, Dropbox, Harshil Mathur, CEO & Co-Founder of Razorpay, Shashank Kumar, Founder of Razorpay, Varun Alagh, Co-founder & CEO of Mamaearth, Kunal Shah, Founder and CEO of CRED, Ankur Aggarwal, Co-founder of Dunzo, and Vikas Choudhury, President of Reliance Jio.
''We want to give the middle class of India easy access to credit products that they deserve yet are not able to access today, while setting the bar for world-class UX and customer service while doing so,'' BharatX co-founder & CEO Mehul Jindal said.
BharatX aims to increase the credit stack on offer by launching new product verticals such as UPI credit, Pay in 3 and 15/30 day cycle products like credit cards.
“Our B2B2C business model enables us to not only win trust of users via the Brand power of players we work with, but also enable us to reach to Millions of users at Scale with almost zero cost.. And with this new round of support from our investors, we’re looking to scale up faster and more aggressively in the near future,” Jindal said.
A consumer credit company, BharatX provides embedded credit by partnering with brands and websites to enable a feature in their apps to serve customers.