Flipkart Group’s UPI-based funds app, tremendous.cash, has acquired Y Combinator-backed checkout financing platform BharatX for an undisclosed quantity to boost its choices, notably in Purchase Now, Pay Later (BNPL).
As a part of the acquisition, BharatX’s core staff will work intently with tremendous.cash to increase its credit-on-UPI choices.
“We see credit-on-UPI as a game-changer for monetary entry in India. By leveraging BharatX’s platform, we’re growing distinctive credit-on-UPI merchandise that align with our shared imaginative and prescient of monetary inclusion, empowering tens of millions to transact with ease,” tremendous.cash CEO and founder Prakash Sikaria mentioned.
Based in 2019, Bengaluru-based BharatX has partnered with over 200 manufacturers for checkout financing by way of 4 banking companions, in line with the corporate’s web site. The corporate had raised $4.74 million throughout two funding rounds from buyers akin to Y Combinator, Multiply Ventures, Soma Capital, Java Capital, and 8i Ventures.
“Over the past 4 years, beginning out in faculty, we had been capable of present credit score to a whole bunch of 1000’s of shoppers in India profitably, with none documentation or credit score rating wanted. By way of this acquisition, we are going to take our product to newer heights utilizing the broader distribution with tremendous.cash,” BharatX founder Mehul Jindal mentioned.
Written with the View : afaqs