Mastercard has selected BharatPe for its Start Path program. Part of the Mastercard Accelerate global initiative, Start Path has a portfolio of 220 startups since its founding in 2014 and hand-picks approximately 40 startups from a pool of 1,500 applicants annually. BharatPe, along with six other tech startups, will get an opportunity to learn from and integrate with Mastercard's network of experts, customers and partners.
BharatPe was Co-founded by Ashneer Grover and Shashvat Nakrani in 2018. By making payments, lending, deposits and other financial services omnipresent at the grassroot level, BharatPe endeavours to make financial inclusion a reality for the 20 million+ small merchants in India.
Earlier this year, the Govt. of India (MeiTY) also awarded BharatPe for Innovation in Digital Payments. Processing over 12 lakh transactions daily, BharatPe is allowing its 25 lakh+ merchant base to accept transactions for free on UPI. Bharat Peprocesses transaction value of more than Rs. 15,000 crores annually and has grown 20x in 2019.
Ashneer Grover, CEO and Co-founder of BharatPe, said, "We're excited to partner with Mastercard through their Start Path Programme. We look forward to collaborating with Mastercard and its global partners to deliver transformative solutions for our merchants in India."
"Innovation is at the heart of Mastercard's 50-year history, and the cutting-edge technology being pioneered by BharatPe aligns to the innovative, value-driven approach we take to our solutions and services," said Amy Neale, Vice President and Global Lead for Mastercard Start Path. "The newest Start Path companies will be connected to our global ecosystem and together we'll partner to deliver transformative solutions."
Start Path invites later-stage startups to participate in a six-month virtual program, providing opportunities to scale and secure strategic investment. In addition to support from Mastercard, the startups also gain knowledge from the company's global network of experts, customers and partners. The Start Path program helps emerging tech startups formulate the next generation of business solutions.
Bharat Pe is the only company from India selected by Mastercard as part of the latest cohort. The six other start-ups picked are from US, Indonesia, Israel and Kenya and are functioning in categories like e-commerce, cybersecurity, digital payment solutions, and artificial intelligence.