BharatPe Achieves $20 Bn In Annualised Payments TPV
Fintech BharatPe has shown consistent growth and reached USD 20 billion in annualised payments TPV recently. The company has also expanded to 400 towns and cities across India.
The company’s annualised TPV has risen from USD 18.5 billion in June end to USD 20 billion currently on the trail of BharatPe’s rapid expansion across 400 towns and cities in India.
Commenting on future growth, Nishant Jain, Chief Business Officer, BharatPe said that the company would easily surpass its target of USD 30 billion in payments in March 2023.
The company has rolled out its UPI QR payment acceptance service and loans to merchant partners in the new cities in the first phase. BharatPe also plans to top up these services with other fintech products like BharatSwipe in the second phase over the coming months.
"Last year, we had set a target of expanding our footprint to 300 cities by March 2023. I am happy to share that we have not only been able to achieve this milestone much ahead of time, but also surpassed it by a mile,” said Nishant Jain.
BharatPe’s next phase will be driven by growth of its business in tier-2, 3 and 4 towns and cities.
The company facilitated over Rs 3600 crore in loans in Q1, FY23; recording a staggering growth of 112 per cent over the last quarter (Q4, FY22).
The company facilitated disbursals to over 1.2 lakh merchants in Q1, FY23, up from 66,000 merchants in the last quarter of FY22. It has also hit an all-time high of USD 18.5 bn in annualized TPV in the quarter. The company also recorded consistent growth in its other business lines including card acceptance POS businesses (BharatSwipe) and its Investment Platform for merchants (growth of over 30 per cent vs. the last quarter).
