BharatPe puts behind Ashneer Grover episode, posts record growth

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Photo source: https://BHARATPE.COM/

BharatPe Ashneer Grover has left behind the episode, posting a record increase.

Highlights

  • Fintech startup BharatPe posted a record increase in the fiscal year ended March 31
  • It is on track to be broken and listed on the stock exchange in the next 18-24 months, says CEO Suhail Sameer.
  • Priority is given to strong employees so that they stay focused and teams are stable: BharatPe CEO

Leaving behind the controversy surrounding its co-founder Ashnir Grover, Fintech startup Bharatpi has set a record for the fiscal year ending March 31 and is on track to be listed on the stock exchange in the next 18-24 months, says its CEO Suhail Sameer.

In an interview with news agency PTI, he said that when the board decides what to do with the money embezzled by Grover, his priority is to keep the firm’s employees focused and the parties stable.

“The second focus is to keep shooting on the business front. From a long-term perspective, that’s important to me, to my team. I’m doubling these things,” he said.

And that focus has paid off well.

“In the last quarter (January-March) business has grown by 20 per cent on each metric – transactions, TPV, loan facility, and revenue. Was, ”he said.

Read more: India removes Ashani Grover from all posts for misappropriation of company funds

BharatPe, which allows store owners to make digital payments through QR codes, now has 225 cities (up 2x more than last fiscal year) and has over 8 million merchants onboard (more than 5 million in FY21 ending March 31, 2021).

“Transaction value (TPV) has increased 2.5 times USD 16 billion annually in 2021-22 (April 2021 to March 2022). POS (point of sale) business has also doubled from last year.

25 lakh POS machines have been deployed. We transact 4 4 billion into it by March, “he said.

The number of traders taking loans has increased from 1.6 lakh a year ago to 3 lakh.

“How many loans have been availed – exactly 3x. We have disbursed USD 650 million last year (FY22),” he said.

PostPe, the company that launched Buy-Now-Pay-After five months ago, has one million transactions a month and 50 million USD TPV per month.

“Overall, from a company perspective, revenue has grown almost fourfold per year. And we’re going to exit at an annual run rate of USD 110 million a year, compared to USD 31-32 million (last year),” he said.

“From USD 6 million, we’ve grown to USD 110 million in 18-20 months.”

In the current financial year, BharatPe is aiming to jump 85 per cent to USD 30 billion on TVP, increasing the loan facility to USD 2 billion.

“The last 2-3 years have been network expansion, next 2-3 years we will continue to expand the network but the amount of debt will be doubled. PostPe will be increased 4x – USD 50 million TPV to USD 200 million TPV seems to be a big number (but) I We’re sure we’ll get there. “

In the current financial year, the revenue is expected to increase to USD 300 million and the merchant base to USD 12 million.

“Currently, we offer a loan facility of around Rs 800 crore per month. We want to take it to Rs 2,050 crore per month by March 2023,” he said.

BharatPe plans to expand to 300 cities by the end of FY23 and will take its gold loan offer to 20 cities by the end of 2022.

India snatched all titles and titles from Grover last month after a third-party investigation into allegations of serious governance failure under him. But that did not stop the quarrel between him and the company management, including the CEO.

Samir said the board would decide on the audit report.

“I’m focused on business.”

He added that the company is looking for an initial public offering (IPO) in 18-24 months, while TPV will raise USD 40-45 billion to আয় 500 million.

“In 12-15 months the merchant business will become profitable.”

In preparation for the IPO, BharatPe will look for deeper products.

“We used to do unsecured loans with our NBFC partners in the beginning, then we launched secured loans, gold a few months ago and now we want to launch auto loans at some point,” he said, adding that the firm would try to enable. Merchants to acquire customers.

Thanks to the commitment and hard work of our world class team, BharatPe has registered the strongest quarterly in its history. We recorded a 4-fold increase in our overall revenue over the same period last year. On a continuous quarterly basis, the growth has been 30 percent despite the third wave of Covid-19.

“On a month-to-month basis, all of our metrics have grown rapidly – merchant total payment value or TPV (17 percent), consumer TPV (39 percent), loan facility (31 percent), and revenue (21 percent) percent by March 2022. Month compared to February 2022, ”he noted.

Going forward, “We are well-tracked to break our merchant business and make our consumer business stronger,” he said.

Asked about the fundraising, he said that Bharatpi Bank has USD 400 million and a monthly USD 4 million burn, so it does not need to raise capital.

Read also: Ashani’s Grover resigns as MD of India after receiving board meeting agenda

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