Fintech platform BharatPe hits $20 billion in annualised TPV

Fintech platform BharatPe hits $20 billion in annualised TPV

Fintech unicorn BharatPe on Friday announced that it has reached an all-time high of $20 billion in annualised total payments value (TPV). With an aim to tap more non-metro cities, it saw its reach expand to 400 towns and cities across the country.

Further, the IPO-bound company said it aims to achieve a TPV of $30 billion by March 2023, also the time it has given itself to turn profitable on an earnings before interest, taxes, depreciation and amortisation (Ebitda) level.

Also Read: Cognizant eyes over 20% growth from emerging global markets: CEO Brian Humphries 

“We have been able to achieve this milestone much ahead of time. BharatPe has been expanding its reach and taking UPI QR to tier-2, 3 and 4 towns and cities since 2020,” said Nishant Jain, chief business officer, BharatPe. “Our annualised TPV in payments has reached $20 billion recently, up from $18.5 billion in June end… I am confident that we will witness continued growth and will easily surpass our target of $30 billion in payments by March 2023,” he added.

The company, which saw a slew of its top-level staff quit in quick succession over the past month, claims to have facilitated over Rs 3,600 crore in loans in Q1FY23, a growth of 112% sequentially – its merchant base also near doubled to 1.2 lakh in Q1FY23, from the 66,000 merchants it had lent to in Q4FY22.

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