BharatPe Record Sale: Fintech company BharatPe has registered a record growth in the financial year ended March 31, leaving behind controversies related to its co-founder Ashneer Grover. BharatPe Chief Executive Officer (CEO) Suhail Sameer has said that the company is now moving towards recovering the cost.
Listing will be in the market soon
Sameer said in an interview that the company is preparing to get listed in the stock exchanges in the next 18 to 24 months. He said that the board of directors will decide further things regarding the money fraud committed by Grover with the company. He said that our priority is the employees of the company, so that they can work in a stable manner.
Will grow business
Sameer said, “The second priority for us is to move forward on the business front. Business is important to me and my teams. We are paying double attention to it. Its results are also getting good.
20% increase in business
Let us tell you that in the quarter of January-March, our business grew by 20 percent on all parameters like transactions, TPV, loans and revenue. “We have been able to achieve this when restrictions were in place in Delhi and many cities due to Kovid-19.”
The company is providing its facilities in 225 cities
BharatPe allows shoppers to make digital payments through QR codes. Now the company has presence in 225 cities. Now more than 80 lakh shopkeepers (merchants) are associated with the company’s platform. In the financial year ended March 31, 2021, their number was 50 lakh.
TPV increased by two and a half times
The transaction value (TPV) on the company’s platform has grown two and a half times year-on-year to $16 billion, he said. Similarly, the Point of Sale (POS) business has also doubled. As of March, there have been four billion transactions on our platform.
Number of shopkeepers increased to 3 lakhs
He said that the number of shopkeepers who have taken loans from our platform has increased to three lakhs, which was 1.6 lakhs a year ago. “We helped disburse a loan of $650 million in the last financial year,” Sameer said.
There is a plan to expand to 300 cities
He told that the company’s ‘Buy Now Pay Later’ product is performing very well now. It was introduced about five months ago. 10 lakh transactions are being done on this every month. He said that we are preparing to expand to 300 cities by the end of the current financial year.
Plan to bring IPO in 24 months
Sameer said that the company is preparing to launch an initial public offering (IPO) in 18 to 24 months. By that time our TPV will reach $40 to 45 billion and revenue will reach $500 million. “Our ‘merchant’ business will turn profitable in 12 to 15 months,” he said.