RBI authorises BharatPe to operate as an online payment aggregator

Indian fintech unicorn BharatPe announced that it has received in-principle authorisation from the Reserve Bank of India to operate as an online payment aggregator. The approval has been given Resilient Payments Private Limited, a subsidiary of BharatPe which is registered by the name of Resilient Innovations Private Limited.
 
Commenting on this development, Nalin Negi who is the interim CEO of the company, said, “We are really excited to receive the in-principle approval for the Online Payment Aggregator License and are thankful to the regulators for entrusting their faith in us. At BharatPe, we have been committed to empowering offline merchants and kirana store owners in the country and have already built a network of 1 crore merchants across 400+ cities.”
 
He also said that the in-principle approval will help them put together and execute expansion plans as well as reach out to more underbanked merchants. The final authorisation is subject to a couple of conditions which the fintech major will now focus on fulfilling. 
 
Last week, the company also announced its financial results. BharatPe’s revenues jumped 169 per cent from Rs 119 crore in FY21 to Rs 321 crore in FY22. However, it also saw its losses widen to Rs 5,594 crore. The company shared that the loss is due to a change in fair value of compulsory convertible preference shares  which amounted to Rs 4,782 crore. Excluding this, operating loss is Rs 811 crore (PY Rs 277 crore). PY refers to the previous year.
 
The results came against the backdrop of a major leadership rejig at BharatPe.

 
Suhail Sameer, who was overlooking the company’s operations after co-founder Ashneer Grover was ousted last year, stepped down as the CEO and the company’s CFO, Nalin Negi was appointed the interim CEO. 

Also Read: ‘Want to become a minister one day’: Ashneer Grover says ambition can never be satisfied