Fintech company BharatPe has facilitated loans worth Rs 3,600 crore in the first quarter of FY23, recording a 112 per cent on-quarter growth. BharatPe hit an annualised total payment volume (TPV) of $18.5 billion in Q1FY23, a growth of 50 per cent over Q4 FY22, as per the company.
The fintech giant facilitated disbursals worth Rs 1,400 crore in loans in June 2022 itself. These disbursals were facilitated to around 1.2 lakh merchants up in Q1 FY23, up from 66,000 merchants in Q4FY22.
Top merchant categories for disbursals include grocery, food and beverages, roadside kiosks and street vendors and retail outlets. Other product offerings including card acceptance POS businesses—BharatSwipe—and its investment platform for merchants recorded over 30 per cent growth on-quarter.
These numbers were driven by huge shift in behavior towards digital payment modes, rise of UPI and the increased acceptance of new-age fintech products, according to BharatPe CEO Suhail Sameer.
Sameer said, “Post a successful FY22 that we closed with a 3x growth in merchant loans, 2.5x growth in payments and a 4x jump in revenue, BharatPe has recorded its’ best ever quarter in Q1, FY23. We are on an incredible growth journey, driven by huge shift in behavior towards digital payment modes, rise of UPI and the increased acceptance of new-age fintech products. We have closed the last quarter with a 112% growth in total loans facilitated. These numbers are a testimony of the trust that millions of offline merchant partners and consumers have bestowed in us.”
He also added, “We are on track to achieve our target of US$ 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 $30 billion by March 2023. Additionally, we will continue to explore partnerships with banks to launch new-age fintech products.”
