AuroraX Pvt Ltd, which runs fintech startup BharatX, on Thursday announced capital raise of $4.5 million (around Rs 35 crore) from Y Combinator, 8i Ventures, Multiply Ventures and Soma Capital, in a seed round.
The funding also saw participation from angel investors including Harshil Mathur (Co-Founder and CEO of Razorpay), Varun Alagh (Co-Founder and CEO of Mamaearth), Ankur Aggarwal (Co-Founder at Dunzo) and Kunal Shah (Founder and CEO at CRED), among others.
Existing investor Java Capital also took part in the round.
The startup plans to deploy the fresh capital to build and expand its team, scale product portfolio and expand market.
It also 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 a credit card.
“Consumers of India deserve a better class of credit products out there. We want to give the middle class an easy access to credit products that they deserve but were not able to access today, while setting the bar for world-class UX and customer service," said Mehul Jindal, Co-Founder and CEO, BharatX.
“Our B2B2C business model enables us to not only win the trust of users via the Brand power of players we work with, but also enable us to reach 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 added.
Founded in 2019 by Jindal, Eeshan Sharma, and Shyam Murugan, BharatX enables embedded credit on consumer-facing platforms such as white-labeled BNPL with zero risks to the platforms and easy integration.
The platform has been working with over 50 brands in India including the direct-to-consumer (D2C) brands in India, growing more than 10X in the last four months in volume, it said in a statement.
Last year in December, BharatX raised $250,000 (around Rs 1.81 crore) in a pre-Seed funding round led by Java Capital.
