Financial technology (fintech) company BharatPe posted a record growth in the financial year ended March 31, leaving behind controversies related to its co-founder Ashneer Grover. BharatPe CEO Suhail Sameer has said that the company is now moving towards recovering the cost.
Sameer said in the interview that the company is preparing to get listed on 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.
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Sameer said, “The second priority for us is to move ahead 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. He said that in the January-March quarter, our business grew by 20 percent on all parameters like transactions, TPV, credit and revenue. “We have been able to achieve this when restrictions were in place in Delhi and many cities due to COVID-19.”
BharatPe allows shoppers to make digital payments through QR codes. Now the company has presence in 225 cities. More than 80 lakh shopkeepers (merchants) are now associated with the company’s platform. In the financial year ended March 31, 2021, their number was 50 lakh. 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.
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. Sameer said, “We helped provide $650 million in loans last fiscal.” It was introduced about five months ago. 10 lakh transactions are being done on this every month.
He said that we are planning to expand to 300 cities by the end of the current financial year. 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 $40-45 billion and revenue will reach $500 million. “Our ‘merchant’ business will turn profitable in 12 to 15 months,” he said.