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.
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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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