BharatPe, a New Delhi-based firm that is enabling hundreds of thousands of merchants to start accepting digital payments for the first time each month and also giving them access to working capital, has raised $50 million as it looks to scale its business in the nation.
The Series B round for the one-year old startup was led by San Francisco-headquartered VC firm Ribbit Capital and London-based Steadview Capital, both of which have previously invested in a number of financial services in India.
Existing investors Sequoia Capital, Beenext Capital, and Insight Partners also participated in the round, pushing BharatPe’s all-time raise to $65 million. The new round valued the startup at $225 million, Ashneer Grover, cofounder and CEO of BharatPe, told TechCrunch in an interview.
Google and Amazon, both of which offer payment services in India, were also in advanced stages of talks to fund BharatPe’s Series B financing round, but the startup’s founding team were not keen on diluting their stakes, a person familiar with the matter told TechCrunch.
BharatPe operates an eponymous service to help offline merchants accept digital payments. Even as India has already emerged as the second largest internet market with over 500 million users, much of country remains offline. Among those outside of the reach of the internet are merchants running small businesses such as roadside tea stalls.
To make these merchants comfortable in accepting digital payments, BharatPe relies on QR codes built as part of government-backed UPI payments infrastructure. “We get them to put up a QR code in their shops, and any customer that uses a UPI-powered payments app — which is now supported by nearly every payments app in India — can pay these shop owners digitally,” said Grover.
Through BharatPe, these merchants also get access to a simplified dashboard on their phones to track the customers who owe them money and get periodic reminders.
BharatPe has amassed more than 1.5 million merchants on its platform. It processes over 21 million transactions a month worth more than $83 million, Grover said.
BharatPe also allows merchants to secure short-term loans. New merchants can secure about $500 for a period of three months from BharatPe. As merchants spend more time on BharatPe, the firm expands the amount to about $2000.
The lending business is crucial to BharatPe. Payments app make little to no money through making transactions on their platforms. Those processing UPI payments can not even charge a small commission to merchants. “There is no money to be made in doing payments in India,” Grover said. But payment services can charge small interest on loans.
Access to working capital is a major challenge in developed markets such as India. According to a World Bank report, more than 2 billion people globally do not have access to working capital.
Grover said BharatPe aims to use the fund to add about 3.5 million merchants in the next 12 months. The firm has more than 2000 sales people who are adding 400,000 new merchants to BharatPe each month, he said.
Rest of the money will go into financing the loans on the platform and building new solutions. Later today, BharatPe will launch a new service to connect suppliers and merchants through BharatPe so that their accounts are in sync.
Apple Back to School 2021 promo adds free AirPods to select iPad and Mac
Apple has launched its new Back to School deals, and if you’ve been considering a new iPad or Mac for the classroom – either remote or in-person – you could get a treat for your ears, too. The Cupertino company is adding to its usual education discount with an AirPods promo, and a discount for Apple Care+.
There are actually seven new deals, all of which include a free set of AirPods. If you’re looking for a Mac, you can take your pick from Apple’s latest M1-powered models both portable and desktop.
The MacBook Air is priced from $899 under Apple’s education pricing, for example, or $73.91 per month for 12 months. The MacBook Pro 13-inch, meanwhile, starts at $1,199 for students, or $99.91 per month for 12 months.
As usual, there are bundles of software with educational pricing as well. The Pro Apps Bundle for Education – which includes Final Cut Pro, among other things – is $199.99, for instance.
If it’s your dorm room desktop that needs an upgrade, meanwhile, Apple has two options there. The new 24-inch iMac – using Apple Silicon – gets new education pricing, starting at $1,249, or $104.08 per month for 12 months. Again, you get a set of free AirPods. The Mac mini is included too, for $649, or $54.08 per month for 12 months.
Those who have a bigger budget – or bigger requirements – can also get education pricing on the Mac Pro. That starts at $5,599, or $466.58 per month for 12 months.
Over on the tablet side, there are two education deals arriving just in time to get going on iPadOS 15. If you want an iPad Air, that starts at $549 for students, or $45.75 per month for 12 months. The Apple Pencil 2nd generation is $119, while the Smart Keyboard Folio for iPad Air is $159.
The new iPad Pro, meanwhile, will start at $749 for students, or $62.41 per month for 12 months. The iPad Pro’s Magic Keyboard is from $279.
As for Apple Care+, education pricing knocks 20-percent off the cost of Apple’s extended warranty.
To quality for education pricing, you’ll need to be either a current or newly accepted college student, or the parent of such a student. Faculty, staff, and homeschool teachers of all grade levels also qualify, and there are discounts for other models in Apple’s range, albeit without the free AirPods deal.
Leica Leitz Phone 1 wraps a hefty 20MP 1-inch camera in familiar design
Leica has revealed a new smartphone, with the Leitz Phone 1 promising a hefty sensor for photography along with 5G capabilities. Although the camera company has co-branded smartphone cameras before now, the Leica Leitz Phone 1 takes a fairly atypical approach.
Where it’s common to find three or four sensors on most recent smartphones, regardless of price point, Leica’s handset takes a more focused approach. It has a single rear sensor, in fact, packing 20-megapixels.
What makes the difference is the sensor’s physical size: a full 1 inch, which is far larger than the primary camera on just about every other device out there. It has an f/1.9 ultra-wide, 19mm-equivalent lens, too. If you’ve been keeping track of recent photo-focused smartphone launches, that might sound familiar.
Indeed, Sharp announced its Aquos R6 back in May, and the 1-inch Summicron camera and lens system tallies with this Leica-branded phone. The big sensor is primarily being positioned as a foolproof way to get more light, of course, just as you’d expect from a regular camera. However there’ll also be what Leica is calling “Leitz Looks,” which are basically things like monochrome modes to edit images.
Unsurprisingly then, there’s a 12.6-megapixel selfie camera on the front of the Leitz Phone 1 as well. There’s also a 6.6-inch IGZO OLED screen with a 240Hz variable refresh rate, to trim motion blur, running at 2,730 x 1,260 resolution. An ultrasonic fingerprint sensor is under the display.
Also inside is Qualcomm’s Snapdragon 888 5G chipset running Android 11, paired with 12GB of memory and 256GB of storage. There’s a microSD slot compatible with up to 1TB cards as well. In addition to 5G there’s WiFi 802.11ax and Bluetooth 5.2; a 5,000 mAh battery rounds out the key specs, and the whole thing is finished in an IP68 glass and metal shell.
What distinguishes the two phones – Sharp-branded and Leica-branded – really is the aesthetic. That’s an important factor in the photography world, where Leica’s cameras are known for their distinctive red dot. For the Leitz Phone 1, there’ll even be a special branded soft-case, and a Leica lens-cap to protect the sensor.
Softbank will be offering the Leica Leitz Phone 1 as an exclusive in Japan, priced at 187,920 yen ($1,714), and right now there’s no apparent plan to launch it outside of the country.
Amazon’s fake reviews policy catches a popular charger brand
Most who shop on Amazon check the reviews for a particular product to ensure it’s worth their hard-earned money. However, many who frequently shop on Amazon may not realize how rampant fake reviews are on the website. There are many brands who pay people who purchase their products for reviews, sometimes handing out gift cards to entice buyers to leave five-star reviews.
Naturally, Amazon has a policy against fake reviews. Some very popular makers of electronics and electronics accessories have recently been booted from Amazon for allegedly violating that policy. The most recent brand to fall afoul of Amazon’s fake review policy is called RavPower, a popular maker of phone batteries and chargers.
Amazon has confirmed that all RavPower products have been removed from its virtual store shelves. There has been no official word from Amazon on why it removed RavPower products. Over the weekend, a journalist from the Wall Street Journal named Nicole Nguyen posted to Twitter that a RavPower charger she purchased had a card inside promising a $35 gift card in exchange for a review.
While Amazon hasn’t confirmed that tweet is the reason the RavPower products were removed from its marketplace, the proximity to the tweet and the products removal seems clear. RavPower isn’t the first popular brand on Amazon to be removed from the store. Previously Aukey and Mpow were also removed from the Amazon storefront. While no specific reasons for the removal have been offered, it appears the fake review policy resulted in those products being eliminated.
While, as of writing, you can still find some Aukey products listed on Amazon. However, it appears that everything RavPower branded has been eliminated. It’s worth noting that fake reviews aren’t limited to electronics on Amazon. I purchased a pump spray bottle for oil to use for seasoning cast iron pans earlier this year based entirely on many five-star reviews. When the product came in, inside was a card offering a $10 gift card if I showed them I left a five-star review for a product that cost me about the same amount. Ordering a product based on lots of good reviews only to find the reviewers are being paid to leave those reviews is quite disturbing.
Peter Jackson’s 6-hour Beatles documentary confirmed for Disney+ this November
The Beatles: Get Back is now a Disney+ exclusive. And hoo boy, it’s six hours long. The Walt Disney Company...
5 tips for brands that want to succeed in the new era of influencer marketing – TechCrunch
Eric Dahan is co-founder and CEO of Open Influence, one of the first agencies to embrace influencer marketing. If I...
Lordstown Motors woes worsen with binding order update
Lordstown Motors has dropped itself in a new set of electric truck troubles, admitting that despite what previous announcements may...
Bethesda VP offers apology for Starfield’s absence on PS5
Bethesda Senior Vice President of Marketing and Communications Pete Hines talks to GameSpot about Starfield. This week, Microsoft and Bethesda...
Apple Back to School 2021 promo adds free AirPods to select iPad and Mac
Apple has launched its new Back to School deals, and if you’ve been considering a new iPad or Mac for...
Social1 year ago
CrashPlan for Small Business Review
Gadgets3 years ago
A fictional Facebook Portal videochat with Mark Zuckerberg – TechCrunch
Mobile3 years ago
Memory raises $5M to bring AI to time tracking – TechCrunch
Social3 years ago
iPhone XS priciest yet in South Korea
Cars3 years ago
What’s the best cloud storage for you?
Security3 years ago
Google latest cloud to be Australian government certified
Cars3 years ago
SK Telecom and Samsung to collaborate on 5G for enterprise
Social3 years ago
Apple’s new iPad Pro aims to keep enterprise momentum