BharatPe, one of India’s fastest growing fintech companies, today announced that it has closed one of the highest growth quarters in the company’s history. The company doubled up on the successful last quarter (Q4 of FY22), by facilitating over INR 3600 Cr in loans in the first quarter of FY23; recording a staggering growth of 112% over the last quarter. BharatPe also hit an all-time high of US$ 18.5bn in annualized TPV – a growth of 50%+ over Q4, FY22.
The company facilitated disbursals to over 1.2 lac merchants in Q1, FY23, up from 66,000 merchants in the last quarter of FY22. The top merchant categories for loans included grocery, food and beverages, roadside kiosks and street vendors, as well as retail outlets. Additionally, BharatPe’s other product offerings, including the card acceptance POS businesses (BharatSwipe) and its Investment Platform for merchants recorded consistent growth (over 30%+) vs. the last quarter.
Speaking on this achievement, Suhail Sameer, CEO, BharatPe, said, ‘The pandemic has provided the much-needed tailwinds for the growth of digital payments and lending in the country. With our stronghold in the new power centers of lending (technology and data), BharatPe has been at the forefront of this change. Post a successful FY22 that we closed with a 3x growth in merchant loans, 2.5x growth in payments and a 4x jump in revenue, BharatPe has recorded its’ best ever quarter in Q1, FY23. We are on an incredible growth journey, driven by huge shift in behavior towards digital payment modes, rise of UPI and the increased acceptance of new-age fintech products. We have closed the last quarter with a 112% growth in total loans facilitated. These numbers are a testimony of the trust that millions of offline merchant partners and consumers have bestowed in us.”
Added Suhail “This dream run would not have been possible without the commitment and hard work of our world class team. We have bettered our performance of last quarter by a mile and will continue to focus on scaling our key segments – payments and credit businesses. We remain core to our mission of bringing financial inclusion to the last mile – across tier 3,4 and 5 cities and towns. We are on track to achieve our target of US$ 2 bn in loans facilitated (through our NBFC/ bank partners) across both consumer and merchant business by the end of FY23 as well as scaling payments TPV to US$ 30 bn by March 2023. Additionally, we will continue to explore partnerships with banks to launch new-age fintech products.”