BharatPe didn’t face any loss after Grover’s exit, they are enjoying their all-time high annualized Total Payment Value (TPV) which is $20 billion. They also decided to start new by changing their office location, leaving the old company behind. Employees are ready to get a fresh start at the new place.
What does BharatPe do and what happened with BharatPe?
By providing businesses with a single QR to accept all payment apps, including PayTm, PhonePe, Google Pay, BHIM, and more than 150 more UPI apps, BharatPe streamlines the payment acceptance process. The BharatPe QR Code allows users to take advantage of loan offers, cashback deals, and numerous other incentive deals by conducting more transactions.
Ashneer Grover held the positions of MD and Co-Founder of BharatPe until he left the organization and gave up his post on February 28, 2022. Ashneer is an Indian native from South Delhi and a recent IIT Delhi graduate. He formerly served as PCJ’s new business head. He also oversaw Corp Dev for Amex India. Additionally, Grofers earlier selected him as CFO.
Was Grover’s exit from the position a turning point for BharatPe?
As it leaves the scandalous Ashneer Grover affair behind, the fintech platform BharatPe announced that it has grown to 400 towns and cities and attained an all-time high of $20 billion in annualized total payments value (TPV).
By March 2023, the business hopes to reach its goal of $30 billion in payments. BharatPe stated intentions to expand its footprint to 300 cities by the same period last year.
“We were able to reach this milestone significantly earlier than expected. Since 2020, BharatPe has been increasing its footprint and bringing UPI QR to tier 2, 3, and 4 towns and cities “said Nishant Jain, BharatPe’s chief business officer.
“Our annualized TPV in payments has increased from $18.5 billion at June’s end to $20 billion currently. The volume of digital payments is steadily increasing “Jain stated.
With the facilitation of more than Rs 3,600 crore in loans in the first quarter (April-June period) of FY23, fintech platform BharatPe has completed one of its highest growth quarters in history.
Is BharatPe going on the road to achieving more success?
According to Suhail Sameer, CEO of BharatPe, “after a fantastic FY22 that we finished with a 3 times growth in merchant loans, a 2.5 times growth in payments, and a 4 times surge in revenue, BharatPe has produced its best quarter in Q1, FY23.”
By the end of FY23, “we are on track to achieve our aim of facilitating $2 billion in loans across both consumer and merchant business (via our NBFC/bank partners) as well as scaling TPV to $30 billion by March 2023,” added Sameer.
This year’s greatest scandal for the company began when its co-founder and CEO Ashneer and his wife Madhuri Jain Grover embezzled millions of dollars before being fired by the business.
The executive concluded that the advent of UPI, the adoption of new-age fintech solutions, and a significant shift in behavior toward digital payment methods are all contributing to our remarkable growth path.
In India, it has also increased its geographic reach to 400 towns and cities. The company’s dedication to promoting financial inclusion throughout Bharat by facilitating wider adoption of digital payments and bridging the credit gap for SMEs and offline businesses is reflected in the growth.
The main line of business for BharatPe is merchant-focused payment solutions. It provides merchants with a single interface for all UPI apps in addition to ancillary services like financing and more. On the consumer side, it provides PostPe, a different buy now pay later service that was introduced in 2021 as the BNPL market experienced a meteoric rise in popularity.
It faces up against industry titans like Paytm, Pine Labs, and PayU in each of these verticals. With a US IPO, Pine Labs hopes to enter the public markets while pursuing expansion. Soon enough, it should have the funds necessary to drive growth in India and other regions.
According to its most recent quarterly financials, Paytm is very focused on the business of accepting payments from merchants. Paytm’s merchant payment GMV increased by 123% in the last year, and it now processes payments for merchants at a profit of INR 586 Cr, more than double BharatPe’s yearly losses of INR 216.32 Cr in FY20.
The only thing we know for sure is that Ashneer Grover, the former co-founder, did not decay even though BharatPe is trying to disassociate itself from him and has been accused of numerous questionable things.
It wouldn’t be exaggerating to say that these problems have in some way prevented the corporation from focusing on its operations and expansion. The company has concentrated on putting out these fires rather than expanding on its numerous goods for a certain period.
But forgetting and recovering from all the complications, BharatPe is focusing on fighting for market share and achieving more profitability now.
In the upcoming months, BharatPe wants to add more fintech products to its services, including BharatSwipe, as part of its second phase.
edited and proofread by nikita sharma