How this QR Code made an IIT Dropout a Billionaire At 23!
Shashvat Nakrani, just 24 years of age, is the latest person to join the list of young billionaires in India serving millions of small businesses! Most of his wealth comes from his?7.8 % stake in BharatPe.
The problem that Nakrani and Ashneer Grover identified was that the UPI was not very interoperable for Merchants. BharatPe made it possible for merchants to accept payment from all these different UPI apps via a single QR code!
In August of 2021, after experiencing phenomenal growth, BharatPe's net worth was pegged at $2.5 billion. After fresh funding rounds, it is expected to rise to $ 3.8-4 billion.
The business currently serves 70 lakh merchants located in 140 Indian cities. Moreover, they have distributed loans amounting to Rs. 2,800 crores to as many as 3,00,000 businesses.
Read the full story of Shashvat Nakrani, one of a growing breed of fintech billionaires in India whose success stems from the use of the scan and pay QR code.