BENGALURU: Fintech company BharatPe has hit $18.5 billion- its all-time high- in annualised TPV (Total payment volume) in the first quarter of this fiscal. This is a growth of over 50% compared to the last quarter of FY22.
The company has also announced that it closed one of the highest growth quarters as it facilitated over Rs 3,600 crore in loans, recording a growth of 112% over the last quarter.
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 centres 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, the CEO added.
The company facilitated disbursals to over 1.2 lakh merchants in the first quarter of 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, the fintech firm said.
Additionally, BharatPe’s other product offerings, including the card acceptance POS businesses (BharatSwipe) and its investment platform for merchants recorded consistent growth (over 30%) compared to the last quarter.
The company also said that it is on track to achieve the target of $2 billion in loans facilitated through its NBFC/ bank partners across both consumer and merchant business by the end of FY23 as well as scaling TPV to $30 billion by March 2023.
It will also continue to explore partnerships with banks to launch new-age fintech products.
BharatPe has raised over $650 million in equity and debt so far, and its list of marquee investors includes Tiger Global, Steadview Capital, Beenext, Amplo and Sequoia Capital.