BharatPe expands footprint to 400 cities, hits $20 billion in annualised total payments value

Fintech platform BharatPe on Friday said it has reached an all-time high of $20 billion in annualised total payments value (TPV), expanding its footprint to 400 towns and cities, as it leaves the sordid Ashneer Grover saga behind.

The company aims to surpass its target of $30 billion in payments by March 2023. Last year, BharatPe had announced plans to scale its presence to 300 cities by the same time-frame.

"We have been able to achieve this milestone much ahead of time. BharatPe has been expanding its reach and taking UPI QR to tier 2, 3 and 4 towns and cities since 2020," said Nishant Jain, Chief Business Officer, BharatPe.

BharatPe now plans to top up its services with other fintech products like BharatSwipe in the second phase over the coming months.

"Our annualised TPV in payments has reached $20 billion, up from $18.5 billion in June end. We are seeing steady growth in digital payments," said Jain.

BharatPe facilitated over Rs 3,600 crore in loans in Q1 FY23, registering a growth of 112 per cent over the last quarter (Q4,FY22).

The company said it facilitated disbursals to over 1.2 lakh merchants in Q1 FY23, up from 66,000 merchants in the last quarter of FY22.

Earlier this month, the fintech platform appointed former SBI Card CFO Nalin Negi as its new chief financial officer, as it prepares for its initial public offering (IPO).