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Business News/ Companies / Start-ups/  BharatPe appoints Kohinoor Biswas as consumer lending head

BharatPe has appointed Kohinoor Biswas as its head of consumer lending. He will be responsible for leading the Postpe business, the credit- first consumer vertical of BharatPe, the company said in its statement.

Prior to joining BharatPe, Biswas served as head of credit cards portfolio at ICICI Bank. With over 14 years of experience, he earlier worked as the vertical head for credit card portfolio at HDFC Bank. He has also worked with companies like Intellect Design Arena Ltd, JP Morgan Chase and American Express.

Kohinoor, an Indian Institute of Management-Calcutta alumnus, will be reporting to BharatPe's CFO and interim CEO Naling Negi.

Earlier this year, the Delhi-based fintech also announced the appointment of Aparna Kuppuswamy as chief risk officer and Sandeep Indurkar as chief business Officer- banking and alliances.

Commenting on the appointment, Negi said, "Postpe, our consumer business, has been a great success story since its launch and clocks an annualized TPV of close to Rs. 5000 crores today. I believe there is a huge opportunity to build disruptive products to cater to a wide range of Gen Z and millennial customers. I am delighted to welcome Kohinoor Biswas to the BharatPe family and look forward to partnering with him to build postpe 2.0."

BharatPe claims to serve about 1 crore merchants and process over 300 million UPI transactions per month with annualized transaction processed value of over $24 billion in payments. The company says it has already facilitated the disbursement of loans totaling close to 8000 crore ($970 million), whereas BharatPe’s POS (point-of-sale machine) business processes payments of over $3.5 billion annually on its machines.

Launched in October 2021, Postpe claims an annualized TPV of close to 5000 crore ($606 million). In January 2023, BharatPe Group received an in-principle nod from the Reserve Bank of India (RBI) to operate as an online payment aggregator. BharatPe has till date raised $583 million in equity funding.

In addition, the company recently acquired a 51% stake in Trillion Loans, an NBFC owned by Achal Mittal (who is also the owner of a peer-to-peer NBFC Liquiloans). The deal was valued at 300 crore.

During FY22, the company posted 457 crore ($55 million) in revenue from operations on consolidated basis as compared to 119 crore ($14 million) in FY21. The losses during FY22 jumped to 5611 crore ($680 million) from 1619 crore ($196 million) in the previous fiscal.

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Updated: 05 Jun 2023, 04:46 PM IST
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