BharatPe back on track after Ashneer controversy, records 112% growth
By siliconindia | Wednesday, 06 July 2022, 08:37 Hrs
Leaving the Ashneer Grover controversy behind, fintech platform BharatPe has closed one of the highest growth quarters in its history, facilitating over Rs 3,600 crore in loans in the first quarter (April-June period) of FY23.
This is a growth of 112 per cent over the last quarter. BharatPe said it also reached an all-time high of $18.5 billion in annualised total payment value (TPV) -- a growth of 50 per cent over the last quarter.
"Post a successful FY22 that we closed with a 3 times growth in merchant loans, 2.5 times growth in payments and a 4 times jump in revenue, BharatPe has recorded its' best ever quarter in Q1, FY23," said Suhail Sameer, CEO, BharatPe.
"We are on an incredible growth journey, driven by a huge shift in behaviour towards digital payment modes, rise of UPI and the increased acceptance of new-age fintech products," he added.
The company facilitated disbursals to over 1.2 lakh merchants in Q1, FY23, up from 66,000 merchants in the last quarter of FY22.
Additionally, BharatPe's other product offerings, including the card acceptance POS businesses (BharatSwipe) and its investment platform for merchants recorded consistent growth (over 30 per cent) compared to the last quarter.
"We are on track to achieve our target of $2 billion in loans facilitated (through our NBFC/bank partners) across both consumer and merchant business by the end of FY23 as well as scaling TPV to $30 billion by March 2023," said Sameer.
The company saw its biggest-ever controversy starting earlier this year when its Co-founder and CEO Ashneer and his wife Madhuri Jain Grover siphoned off funds worth crores and were later sacked by the company.