BharatPe secures RBI approval to operate as online payment aggregator

Peak XV Partners-BharatPe has achieved a significant milestone by securing the Reserve Bank of India's (RBI) approval to operate as an online payment aggregator. The company plans to launch its platform under the brand name 'BharatPe X'. This development allows BharatPe to expand its ecommerce transaction settlement services, now under RBI regulation, while offering early settlements and partnering with NBFCs and banks to provide loans.

The RBI's final nod marks the culmination of a process that began in January 2023 when BharatPe received in-principle approval. BharatPe aims to broaden its payment solutions across a larger merchant base, with a focus on tier 2 and 3 cities, and is investing in advanced technology infrastructure to facilitate these operations. The approval positions BharatPe alongside other companies like Easebuzz, Razorpay, and Google Pay, which have acquired similar licences in recent years.

Nalin Negi, CEO of BharatPe, said: "This final authorisation is not just a milestone, but a responsibility we take seriously. It speaks to the strength of the governance practices and operational frameworks we’ve put in place over the years.” Founded in 2018, BharatPe operates in over 450 cities, serving a merchant network exceeding 1.3 crore. The company processes more than 450 million UPI transactions monthly, with an annual transaction value surpassing Rs 1.7 lakh crore. Through BharatPe Money, it has disbursed loans over Rs 18,000 crore in partnership with NBFCs, offering products like loans against mutual funds and home loans."

Sandeep Indurkar, CEO of Resilient Payments, which is part of the BharatPe group, emphasised future growth, saying, “We're looking to broaden our footprint across high-potential markets, enhance our product suite, and bring more innovation to how businesses accept and manage digital payments. The focus now is on execution—building with intent, speed, and reliability.” BharatPe has raised over $580 million from investors such as Peak XV Partners and Tiger Global, which supports its expansion and innovation goals.

The approval comes amid past regulatory challenges, as the RBI had previously restricted several payment aggregators, including Paytm and Cashfree, from onboarding new merchants. However, these restrictions have started easing. With its new licence, BharatPe is poised to enhance its competitive edge in the fintech industry, joining other prominent players like Zomato and CC Avenue, which have also secured payment aggregator licences. This regulatory green light not only expands BharatPe's service offerings but also strengthens its presence in the rapidly growing digital payment sector in India, aligning with national financial inclusion goals. 

BharatPe has significantly reduced its losses and achieved positive Ebitda in the first nine months of the current fiscal year, marking a notable financial improvement as it focuses on expanding its lending business through its NBFC subsidiary, Trillion Loans. According to provisional consolidated financials by India Rating and Research, the fintech company recorded a net loss of Rs 148.8 crore in the first nine months of FY25, a substantial decrease from Rs 492 crore in the same period last year. Additionally, BharatPe reached Ebitda breakeven, excluding ESOP expenses, for the first time. Furthermore, the company reported a revenue of Rs 1,426 crore for FY24.