OPEN APP
Home / Companies / News /  BharatPe posts 2x growth amid Ashneer Grover controversy
Listen to this article

BharatPe has posted record growth in the fiscal year ended March 31 and it is on track to break even and list on stock exchanges in the next 18-24 months, a senior official said. BharatPe has made more than 2x growth from last fiscal and currently, it has over 8 million merchants onboard.

Suhail Sameer, CEO of BharatPe, told PTI, “While the board will take a call on what to do with the money allegedly defrauded by co-founder Ashneer Grover, his priority is the firm's employees so that they stay focused and teams remain stable."

"Second focus is to keep firing on the business front. From a long term point of view, that's all that will matter for me, for my teams. I am just doubling down on these things," he said.  And that focus has paid off well.

"Business in the last quarter (January-March) is up 20 per cent on every metric -- transactions, TPV, loans facilitated, and revenue. And this is despite January being (hit by) COVID and everything was slowing a bit. Delhi was shut, many cities had weekend curfews," he said.

BharatPe, which allows shop owners to make digital payments through QR codes, is now in 225 cities (more than 2x growth from last fiscal) and has over 8 million merchants onboard (up from 5 million in FY21 that ended on March 31, 2021).

"Transaction value (TPV) has grown 2.5x year-on-year to USD 16 billion in 2021-22 (April 2021 to March 2022). POS (point of sale) business is also 2x up from last year with over 1.25 lakh POS machines deployed. We do USD 4 billion transactions on it, as of March," he said.

Number of merchants who availed loans has increased to 3 lakh from 1.6 lakh a year back.

"How much loan facilitated -- exactly 3x. We facilitated USD 650 million of loans last year (FY22)," he said.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close

Recommended For You

×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout