Fintech Startup BharatPe Back To Form With Huge Growth 112%
After the Ashneer Grover controversy was put to rest, the fintech Startup BharatPe completed one of its most successful growth quarters ever, facilitating more than Rs 3,600 crore in loans in the first quarter (April to June period) of FY23.
This is an increase of 112 percent from the prior quarter. In addition, BharatPe reported that its yearly total payment value (TPV), which increased by 50% from the previous quarter, hit an all-time high of $18.5 billion.
Suhail Sameer, CEO of BharatPe said, “Post 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 experienced its best-ever quarter in Q1, FY23.
“We are on an extraordinary growth journey driven by a major shift in behavior towards digital payment channels, a rise of UPI, and a higher adoption of new-age fintech items,” he continued.
In Q1, FY23, the company facilitated disbursals to over 1.2 lakh merchants, an increase from 66,000 merchants in Q4, FY22.
In addition, BharatPe’s other product lines such as its investment platform for merchants and its card acceptance point of sale (BharatSwipe) businesses experienced sustained growth over the previous quarter of over 30%.
The firm’s biggest-ever crisis began earlier this year when its co-founder and CEO Ashneer and his wife Madhuri Jain Grover misappropriated millions of dollars in corporate cash, hence they have been fired.