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.
“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.