Loans facilitated of Rs 3,600 cr in Q1FY23, up 112% QoQ, says BharatPe
Fintech company BharatPe said it closed one of the highest growth quarters for the company, having doubled from last quarter (Q4 of FY22) by facilitating more than Rs 3,600 crore in loans to the first quarter of FY23. In the process, it posted a growth of 112% over the last quarter. BharatPe said it also reached $18.5 billion in annualized TPV (total payment volume), a 50% growth from Q4FY22.
“The pandemic has provided much-needed tailwinds for the growth of digital payments and lending in the country,” said Suhail Sameer, CEO of BharatPe.
The company facilitated disbursements to more than 120,000 merchants in the first quarter of FY23, compared to 66,000 merchants in the last quarter of FY22. Top merchant categories for loans included grocery, food and drinks, roadside kiosks, street vendors and retail outlets. BharatPe’s other product offerings, such as card acceptance point-of-sale businesses (BharatSwipe) and its investment platform for merchants, saw 30% growth in the last quarter.
“Our mission is to bring financial inclusion to the last mile – in Tier 3, 4 and 5 cities and towns,” Suhail said. “We are on track to achieve our goal of $2 billion in loans facilitated (through our NBFC/banking partners) to consumer and commercial businesses by the end of FY23. as well as to scale POS payments to $30 billion by March 2023.”
BharatPe said he has bagged credits in the form of small loans and short term loans up to Rs 10 lakh, in partnership with the lending partners.
These developments come at a time when the company backed by Sequoia and Tiger Global has had to revamp its corporate governance systems.
BharatPe has been the subject of controversy since earlier this year after allegations surfaced against founder Ashneer Grover and his wife Madhuri Jain Grover. They were ousted from the company over allegations of embezzlement.
The company entered the unicorn club in August 2021 after raising $370 million led by Tiger Global, at a post-money valuation of $2.85 billion. Former SBI Chairman Rajnish Kumar was appointed Chairman in October 2021.