17.3 C
London
Sunday, October 2, 2022

BharatPe is doing well after Ashneer Grover’s departure, registering 112% growth

Must read

Cheese sold in US and Mexico recalled due to Listeria outbreak

Brie and Camembert cheeses sold nationwide in the US and Mexico have been recalled after being linked to a Listeria outbreak that led to...

Pico by ByteDance debuts its Meta Oculus rival, but challenges remain • londonbusinessblog.com

When ByteDance bought Chinese VR headset maker Pico a year ago, the message was clear: It's betting that the immersive device would be where...

Form Bio Says Now Is Time To Launch – Despite Cooling Software Sales

As companies strive to cut costs and bring in spending within the uncertain macroeconomic environment, Form Bio thinks it's actually the perfect time to...

Coinbase Has Suspended Transactions In US For Hours To Fix Wire Transfer Issues

Coinbase temporarily halted transactions for users in the US due to an issue that prevented the company from processing withdrawals or deposits with bank...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

leaving the Ashneer Grover controversy behind, fintech platform BharatPe has completed one of the highest growth quarters in its history, with over Rs 3,600 crore in loans in the first quarter (April-June period) of FY23.



This is a growth of 112 percent over the last quarter. BharatPe said it also hit an all-time high of $18.5 billion in annualized total payment value (TPV) — a 50 percent growth in the last quarter.

“After a successful FY22 that we closed with a 3-fold growth in trade loans, 2.5-fold growth in payments and a 4-fold jump in revenue, BharatPe recorded its best quarter ever in Q1, FY23,” said Suhail SameerCEO, Bharat Pe.

“We are on an incredible growth journey, driven by a massive shift in behavior towards digital payment methods, emergence of UPIA and the increased adoption of new-age fintech products,” he added.

The company facilitated payouts to more than 1.2 lakh traders in Q1, FY23, up from 66,000 traders in the last quarter of FY22.

In addition, BharatPe’s other product offerings, including Card Acceptance POS Businesses (BharatSwipe) and Merchant Investment Platform, showed consistent growth (more than 30 percent) compared to the last quarter.

“We are on track to reach our target of $2 billion in facilitated lending (through our NBFC/banking partners) for both consumer and retail businesses by the end of FY23, and to scale TPV to $30 billion by March 2023” , said Sameer.

The company saw its biggest-ever controversy begin earlier this year when its co-founder and CEO Ashneer and his wife Madhuri Jain Grover transferred funds worth crores and were later fired by the company.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Cheese sold in US and Mexico recalled due to Listeria outbreak

Brie and Camembert cheeses sold nationwide in the US and Mexico have been recalled after being linked to a Listeria outbreak that led to...

Pico by ByteDance debuts its Meta Oculus rival, but challenges remain • londonbusinessblog.com

When ByteDance bought Chinese VR headset maker Pico a year ago, the message was clear: It's betting that the immersive device would be where...

Form Bio Says Now Is Time To Launch – Despite Cooling Software Sales

As companies strive to cut costs and bring in spending within the uncertain macroeconomic environment, Form Bio thinks it's actually the perfect time to...

Coinbase Has Suspended Transactions In US For Hours To Fix Wire Transfer Issues

Coinbase temporarily halted transactions for users in the US due to an issue that prevented the company from processing withdrawals or deposits with bank...

The Top 10 Franchise Location Selection Services

When franchisees sign on the dotted line, one of the priorities is finding the perfect location. This is often handled by commercial real...