India-based Fintech platform BharatPe has achieved $20 billion in annualized total payments value (TPV) from $18.5 billion in June end, expanding its footprint to 400 towns and cities.
BharatPe aims to surpass its target of $30 billion in payments by March 2023. Last year, BharatPe announced plans to scale its presence to 300 cities.
“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.
BharatPe facilitated over Rs 3,600 crore in loans in Q1 FY23, registering a growth of 112 percent 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.
BharatPe appointed former SBI Card CFO Nalin Negi as its new chief financial officer, as it prepares for its initial public offering (IPO).