New Delhi: The company’s Chief Executive Officer (CEO) Suhail Sameer said that BharatPe has registered record growth in the financial year ended March 31 and is on the way to break-even.
In a PTI report, Sameer mentioned that the fintech firm will get listed on stock exchanges in the next 18-24 months.
BharatPe, which allows shop owners to make digital payments through QR codes, has now expanded to 225 cities (an increase of more than 2x from the previous financial year) and covers over 80 lakh merchants (FY 2011). 50 lakh in the year ended March 31, 2021).
Sameer said, “The Transaction Value (TPV) has grown 2.5 times year-on-year to $16 billion in 2021-22 (April 2021 to March 2022). The POS (Point of Sale) business is also 2 times higher than last year, with more than 1.25 lakh POS machines installed. We do $4 billion of transactions on it by March.”
According to the report, the number of businessmen who have taken loans has increased from 1.6 lakh a year ago to 3 lakh. “We facilitated a $650 million loan last year (FY22),” he said.
PostPay, the buy-now-pay-later product that the company launched five months ago, is doing one million transactions a month and $50 million TPV a month.
“Overall, from a company perspective, revenue has increased nearly four-fold. And we will exit the year at a $110 million annual run rate compared to $31-32 million (last year).” “From $6 million, we’re down to $110 million in 18-20 months.”
In the current fiscal, BharatPe is looking to jump 85 per cent in TVPs to reach $30 billion, increasing the loan facility to $2 billion.
“The last 2-3 years were like network expansion, in the next 2-3 years we will continue to grow the network but doubling down on lending. Postpay will be increased 4 times – from $50 million TPV to $200 million TPV. So. Looks like a big number (but) I am confident we will get there.”
In the current financial year, the revenue has increased to $ 300 million and the merchant base has increased to 12 million. “Currently, we provide loan facilities of around Rs 800 crore per month. We want to take this to Rs 2,050 crore per month by March 2023,” he said.
The CEO also said that the board will take a decision on what to do with the money allegedly siphoned off by former managing director and co-founder Ashneer Grover.