BharatPe pushes growth pedal harder: Facilitates over INR 3600 Cr in loans in Q1, FY23
Chandigarh, (Aditi) BharatPe, one of India’s fastest growing fintech companies, announced that it has closed one of the highest growth quarters in 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$ 18.5bn in annualized TPV - a growth of 50%+ 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. Additionally, BharatPe’s other 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 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.