Indian fintech startup, BharatPe on Tuesday said that it has appointed Jitendra Gupta, former Managing Director of PayU, to its board.
In a statement, BharatPe said that Jitendra will be joining Co-founders Ashneer Grover and Shashvat Nakrani, Sequoia’s Harshjit Sethi and Beenext’s Teru San on BharatPe’s Board. Insight Partners is also a Board Observer.
Speaking on the announcement, Jitendra Gupta said,
“BharatPe is one of the few fintech companies in India creating a truly alternative lending business on back of UPI acceptance. Their focus on merchants and pace of execution is unprecedented. I am excited to see how BharatPe has been digitising small merchants and truly driving the financial inclusion agenda of the government.”
A chartered accountant, and an economics and commerce graduate from The Sydenham College, Jitendra along with Co-founder Amrish Rau and Satyen Kothari, started Citrus Pay in 2011. The platform provided payment solutions to merchants and consumers while aiming to provide a seamless experience across mobile apps and merchant websites.
It was acquired in September 2016 by PayU India for $130 million in an all-cash deal.
Ashneer Grover, CEO and Co-founder of BharatPe, said,
“We are elated to have Jitendra Gupta on the Board of BharatPe. At PayU, his contribution was instrumental in growing the company to great heights, and BharatPe is just at the stage, where Jitendra's insights and experience can support our next phase of growth. Both Jitendra and I are hardcore bankers at heart and excited to build the next generation of digi banking businesses in India.”
At present, BharatPe claims to have achieved a total payment volume (TPV) of $650 million, within 300 days of operations.
Within 10 months of launch, the company has established a network of 11 lakh merchants and facilitates over 15 million monthly UPI transactions.
Founded in 2018, BharatPe has established operations in 13 cities, across Bangalore, Delhi, Hyderabad, Pune, Mumbai, Jaipur, Ahmedabad, Indore, Bhopal, Nagpur, Chandigarh, Mysore, and Visakhapatnam.
The company plans to hit $1 billion annualised processing value by this October and serve over 25 lakh (2.5 million) merchants on its network by the end of 2019.
(Edited by Saheli Sen Gupta)