New Delhi [India], August 26 (ANI/PRNewswire): BharatPe, one of India's leading fintech companies for merchants, today announced that it has expanded its footprint to 400 towns and cities across India. The expansion is in line with the company's commitment to driving financial inclusion across Bharat by enabling wider adoption of digital payments as well as addressing the credit gap for SMEs and offline retailers. The company also shared that it has recorded consistent growth in payments TPV and has recently achieved the milestone of USD 20 bn in annualized TPV. Last year, BharatPe had announced that it aims to scale its presence to 300 cities by March 2023. The company has aggressively expanded to tier-2, 3 and 4 towns and cities since then, as it believed in the opportunity that tier-2 and beyond towns and cities of the country had to offer. The company has rolled out its UPI QR payment acceptance service and loans to merchant partners in the new cities in the first phase. BharatPe also plans to top up these services with other fintech products like BharatSwipe in the second phase over the coming months. Commenting on the company's expansion, Nishant Jain, Chief Business Officer, BharatPe, said, "In line with our endeavour to drive financial inclusion amongst the unbanked and the underserved merchants of Bharat, BharatPe has been expanding its reach and taking UPI QR to tier-2, 3 and 4 towns and cities of the country since 2020. Last year, we had set a target of expanding our footprint to 300 cities by March 2023. I am happy to share that we have not only been able to achieve this milestone much ahead of time, but also surpassed it by a mile. This is a great motivation for a brand like ours that is built on the ethos of empowering MSMEs, offline merchants and kirana store owners of the country who we believe are the key growth drivers of the economy." Added Nishant, "We stay committed to building Digital India and are working aggressively to take digital payments to the merchants of Bharat. We are seeing steady growth in digital payments. Our annualised TPV in payments has reached USD 20 billion recently, up from USD 18.5 bn in June end. With the wide expansion across the length and breadth of Bharat, I am confident that we will witness continued growth and will easily surpass our target of USD 30 bn in payments by March 2023. I am a firm believer of the fact that the next stage of growth for our business will be driven by tier-2, 3 and 4 towns and cities and hence, we will continue to focus on enabling credit for merchants in these areas as well as build new-age fintech products that can further empower their growth story." BharatPe has been on an exponential growth trajectory and recently closed one of its highest growth quarters. It facilitated over INR 3600 Cr in loans in Q1, FY23; recording a staggering growth of 112 per cent over the last quarter (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. BharatPe also hit an all-time high of USD 18.5 bn in annualized TPV in the quarter. The company also recorded consistent growth in its other business lines including card acceptance POS businesses (BharatSwipe) and its Investment Platform for merchants (growth of over 30 per cent vs. the last quarter). BharatPe was founded in 2018 with the vision of making financial inclusion a reality for Indian merchants. In 2018, BharatPe launched India's first UPI interoperable QR code, the first zero MDR payment acceptance service. In 2020, post-Covid, BharatPe also launched India's only zero MDR card acceptance terminals - BharatSwipe. Currently serving 1 crore merchants across 400 cities, the company is a leader in UPI offline transactions, processing 18 crores+ UPI transactions per month (annualized Transaction Processed Value of USD 20 Bn in annualised payments). The company has already facilitated the disbursement of loans totalling to over Rs 7500 crores to over 400,000 merchants, since launch. BharatPe's POS business processes payments of over USD 4 bn annually on its POS machines. It has a network of 1.25 lac+ machines across cities. BharatPe has raised over USD 650 million in equity and debt, till date. The company's list of marquee investors includes Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital. In June 2021, the company announced the acquisition of PAYBACK India, the country's largest multi-brand loyalty program company with 100 million+ members. In October 2021, the consortium of Centrum Financial Services Limited (Centrum) and BharatPe, was issued a Small Finance Bank (SFB) license by the Reserve Bank of India (RBI). BharatPe also made its entry in the Buy Now Pay Later segment with the launch of postpe in October 2021. For more details, please contact: Akanksha Jain Head - PR and Communications BharatPe Mobile: +91-9871900447 Email: akanksha@bharatpe.com This story is provided by PRNewswire. ANI will not be responsible in any way for the content of this article. (ANI/PRNewswire)
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India , New Delhi , Delhi , Bharat , Aakanksha Jain , Nishant Jain , Centrum Financial Services Limited , Small Finance Bank , Dragoneer Investment Group , Sequoia Capital , Chief Business Officer , Digital India , Investment Platform , Transaction Processed Value , Tiger Global , Steadfast Capital , Coatue Management , Ribbit Capital , Insight Partners , Steadview Capital , Reserve Bank , Buy Now Pay Later , New Delhi India , Ugust 26 Ani Prnewswire Bharatpe , Ne Of India 39s Leading Fintech Companies For Merchants , Oday Announced That It Has Expanded Its Footprint To 400 Towns And Cities Across India The Expansion Is In Line With Company 39s Commitment Driving Financial Inclusion Bharat By Enabling Wider Adoption Of Digital Payments As Well Addressing Credit Gap For Smes Offline Retailers Also Shared Recorded Consistent Growth Tpv Recently Achieved Milestone Usd 20 Bn Annualized Last Year , Haratpe Had Announced That It Aims To Scale Its Presence 300 Cities By March 2023 The Company Has Aggressively Expanded Tier 2 , And 4 Towns Cities Since Then , S It Believed In The Opportunity That Tier 2 And Beyond Towns Cities Of Country Had To Offer Company Has Rolled Out Its Upi Qr Payment Acceptance Service Loans Merchant Partners New First Phase Bharatpe Also Plans Top Up These Services With Other Fintech Products Like Bharatswipe Second Over Coming Months Commenting On 39s Expansion , Bharatpe , Aid , Uot In Line With Our Endeavour To Drive Financial Inclusion Amongst The Unbanked And Underserved Merchants Of Bharat , Haratpe Has Been Expanding Its Reach And Taking Upi Qr To Tier 2 , And 4 Towns Cities Of The Country Since 2020 Last Year , E Had Seta Target Of Expanding Our Footprint To 300 Cities By March 2023i Am Happy Share That We Have Not Only Been Able Achieve This Milestone Much Ahead Time , Ut Also Surpassed It Bya Mile This Isa Great Motivation Fora Brand Like Ours That Is Built On The Ethos Of Empowering Msmes , Ffline Merchants And Kirana Store Owners Of The Country Who We Believe Are Key Growth Drivers Economy Quot Added Nishant , Uot We Stay Committed To Building Digital India And Are Working Aggressively Take Payments The Merchants Of Bharat Seeing Steady Growth In Our Annualised Tpv Has Reached Usd 20 Billion Recently , P From Usd 18 5 Bn In June End With The Wide Expansion Across Length And Breadth Of Bharat , I Am Confident That We Will Witness Continued Growth And Easily Surpass Our Target Of Usd 30 Bn In Payments By March 2023i Ama Firm Believer The Fact Next Stage For Business Be Driven Tier 2 , And 4 Towns Cities Hence , E Will Continue To Focus On Enabling Credit For Merchants In These Areas As Well Build New Age Fintech Products That Can Further Empower Their Growth Story Quot Bharatpe Has Been An Exponential Trajectory And Recently Closed One Of Its Highest Quarters It Facilitated Over Inr 3600 Cr Loans Q1 , Y23 Recordinga Staggering Growth Of 112 Per Cent Over The Last Quarter Q4 , Y22 The Company Facilitated Disbursals To Over 1 2 Lac Merchants In Q1 , Y23 , P From 66 , 000 Merchants In The Last Quarter Of Fy22 Bharatpe Also Hit An All Time High Usd 18 5 Bn Annualized Tpv Company Recorded Consistent Growth Its Other Business Lines Including Card Acceptance Pos Businesses Bharatswipe And Investment Platform For Over 30 Per Cent Vs Was Founded 2018 With Vision Making Financial Inclusiona Reality Indian , Haratpe Launched India 39s First Upi Interoperable Qr Code , He First Zero Mdr Payment Acceptance Service In 2020 , Post Covid , Haratpe Also Launched India 39s Only Zero Mdr Card Acceptance Terminals Bharatswipe Currently Serving 1 Crore Merchants Across 400 Cities , He Company Isa Leader In Upi Offline Transactions , Rocessing 18 Crores Upi Transactions Per Month Annualized Transaction Processed Value Of Usd 20 Bn In Annualised Payments The Company Has Already Facilitated Disbursement Loans Totalling To Over Rs 7500 400 , 000 Merchants , Ince Launch Bharatpe 39s Pos Business Processes Payments Of Over Usd 4 Bn Annually On Its Machines It Hasa Network 1 25 Lac Across Cities Has Raised 650 Million In Equity And Debt , Ill Date The Company 39s List Of Marquee Investors Includes Tiger Global , Beenext , Mplo And Sequoia Capital In June 2021 , He Company Announced The Acquisition Of Payback India , He Country 39s Largest Multi Brand Loyalty Program Company With 100 Million Members In October 2021 , He Consortium Of Centrum Financial Services Limited And Bharatpe , As Issueda Small Finance Bank Sfb License By The Reserve Of India Rbi Bharatpe Also Made Its Entry In Buy Now Pay Later Segment With Launch Postpe October 2021 For More Details , Lease Contact Akanksha Jain Head Pr And Communications Bharatpe Mobile 91 9871900447 Email Com This Story Is Provided By Prnewswire Ani Will Not Be Responsible In Any Way For The Content Of Article ,
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