Subscribe
24NEWSHOUR 24NEWSHOUR
Write For Us
  • Home
  • Business
  • Education
  • Entertainment
  • News Update
  • Others
    • Technology
    • Health & Lifestyle
  • Write For US
  1. Home
  2. Business
  3. BharatPe pushes growth pedal harder: Facilitates overINR 3600 Crin loans in Q1, FY23
Business

BharatPe pushes growth pedal harder: Facilitates overINR 3600 Crin loans in Q1, FY23

New Delhi, July 06, 2022:BharatPe, one of India’s fastest growing fintech companies, today announced thatit has closed one of the highest growth quartersin 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$ 18.5bnin annualized TPV- a growth of 50%+ over Q4, FY22.

The company facilitated disbursals to over 1.2 lac merchants in Q1, FY23, up from66,000 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’sother 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, Mr. Suhail Sameer, CEO, BharatPe, said, ‘The pandemic has provided the much-needed tailwinds for thegrowth 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 recordedits’ 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 tier3,4 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.”

Moving beyond the straight-jacketed approach of lending, BharatPe has sachetized credit in the form of small-ticket, short-term, and easy-to-repay loans up to INR 10 lakhs, in partnership with our lending partners. With flexible tenure options up to 12 months, the tailor-made solution is attuned to the occupation cycle of small businesses. BharatPe, earlier this year, in partnership with its’ NBFC partners, also forayed into secured lending, and plans to scale the gold-based lending product to 20 cities by the end of the financial year.

Previous post
Next post

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • THE DERMA CO. BECOMES THE SECOND BRAND FROM HONASA CONSUMER TO ACHIEVE RS. 30 CRORE MONTHLY REVENUE, OUTPACING MAMAEARTH
  • Axis Bank launches ‘NEO for Business’, a mobile-first Business Banking proposition for MSMEs
  • Rajasthan investors prefer equity category funds: Tata Asset Management
  • UPDATER SERVICES LIMITED INITIAL PUBLIC OFFERING TO OPEN ON SEPTEMBER 25, 2023
  • Choice Consultancy Services Pvt Ltd (CCSPL) to Spearhead Rajasthan’s Economic Growth and Investment Promotion Initiatives
Latest News
Business

THE DERMA CO. BECOMES THE SECOND BRAND FROM HONASA CONSUMER

September 22, 2023
Business

Axis Bank launches ‘NEO for Business’, a mobile-first Business Banking

September 22, 2023
Business

Rajasthan investors prefer equity category funds: Tata Asset Management

September 22, 2023
Business

UPDATER SERVICES LIMITED INITIAL PUBLIC OFFERING TO OPEN ON SEPTEMBER

September 22, 2023
24NEWSHOUR 24NEWSHOUR

Get The Post

Business
Education
News Update

Quick Links

About Us
The News Strike
The News Equity

Follow Us

© Copyright 2023. All rights reserved.
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}