BharatX, a consumer credit venture, has raised $4.5 million from Y Combinator, 8i Ventures, Multiply Ventures, Soma Capital, and other investors in a seed round. The round included existing investor Java Capital.
According to a press release, the funds raised will be used to develop and extend the team, improve and develop the product further, and expand the market.
Arash Ferdowsi, Harshil Mathur, Shashank Kumar, Varun Alagh, Kunal Shah, Ankur Aggarwal, and Vikas Choudhury were among the marquee angels who took part in the round.
BharatX offers embedded credit by working with brands and websites to integrate a credit feature within their apps. It uses its APIs and SDK to run white-labeled Buy Now Pay Later and other financial products on over 50 consumer-facing platforms.
BharatX has worked with over 50 brands in India since its debut in 2019 and claims to have grown in volume by more than 10X in the last four months.
Mehul Jindal, Co-Founder and CEO of BharatX, says, “Our B2B2C business model enables us to not only win trust of users via the brand power of players we work with, but also enable us to reach to 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.”