BharatPe, one of India’s fastest-growing fintech companies, today said that it has facilitated over Rs 3600 Cr in loans in the first quarter of FY23’
The company said that it had closed one of the highest growth quarters in its history and doubled up on the successful last quarter (Q4 of FY22), by facilitating over Rs 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 total payment value (TPV) – a growth of over 50per cent 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, the company said.
Additionally, BharatPe’s other product offerings, including the card acceptance POS businesses (BharatSwipe) and its Investment Platform for merchants recorded consistent growth (over 30per cent) as against 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 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 a huge shift in behaviour towards digital payment modes, the 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.”
The company said, 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.