Fintech company BharatPe achieved record gross revenue of USD 23.5 million in August. This was driven by increased revenue from lending and the successful launch of new initiatives. The company introduced Swipe Android, a device that accepts digital payments through various methods. BharatPe currently has a network of over 200,000 point-of-sale (PoS) machines across 400+ cities in India.
In October 2021, BharatPe, along with Centrum Financial Services, obtained a Small Finance Bank (SFB) license from the Reserve Bank of India (RBI). The company also entered the Buy Now Pay Later (BNPL) segment with the launch of “postpe” in October 2021, which has already garnered over eight million downloads and a high total payment value (TPV).
In January 2023, BharatPe Group received approval from the RBI to operate as an online payment aggregator. The company also acquired a 51 per cent stake in Trillion Loans, a non-banking financial company (NBFC) based in Mumbai.
Despite its recent success, BharatPe faced significant losses in the previous financial year. The company’s total loss increased substantially to Rs 5,610.7 crore in FY22. However, its revenue from operations showed significant growth.
BharatPe has also faced challenges such as a legal battle with its former managing director, Ashneer Grover and the resignation of its CEO, Suhail Sameer. The company is focused on stabilising its leadership and controlling its expenditure to prepare for its upcoming initial public offering (IPO).
BharatPe, valued at USD 2.9 billion, has attracted investments from prominent firms such as Tiger Global, Dragoneer Investment Group, and Sequoia Capital. It aims to continue serving its large merchant base and process over 300 million UPI transactions per month.
Categories: Other News
Leave a ReplyCancel reply