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Product Teardown·4 min read·Week 26

BharatPe's merchant QR network: economics behind the story

BharatPe's QR-based payment network captured 40% merchant UPI volume by 2021, but unit economics reveal why the company burned $100M+ annually despite 70%+ payment margins. The real margin compression came from customer acquisition costs exceeding merchant lifetime value.

ByAmit Tyagi·Fitoor Capital
Aletheia Insights · Weekly

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Amit Tyagi

Founder, AletheiaAI & GP, Fitoor Capital

Veteran of India's startup ecosystem. Writing about fundraising, investor psychology, and what it takes to build fundable startups in India.

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#unit-economics#merchant-payments#bharatpe#fintech-india

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BharatPe's merchant QR network: economics behind the story · Aletheia Insights