Financial Insights

BharatPe posts record growth amid row with founder

The company embroiled in controversy has posted record growth in the fiscal year ended on March 31st.

The fintech company has recorded more than 2x times growth and is pn track to break even very soon. “Business in the last quarter (January-March) is up 20 per cent on every metric — transactions, TPV, loans facilitated, and revenue. And this is despite January being (hit by) COVID, and everything was slowing a bit. Delhi was shut; many cities had weekend curfews,” BharatPe CEO Suhail Sameer said.

The platform is now present in 225 cities, more than 2 times growth than last fiscal and has more than 8 million merchant on board, up 5 million in a year. The transaction value has grown 2.5x times to $16 billion in FY 2021-22.

The loans facilitated by the company has grown almost 3x times and number of merchant availing such loans have grown from 1.6 lakhs to 3 lakhs. PostPe, the buy-now-pay-later product the company launched five months back, is doing a million transactions a month and USD 50 million a month TPV.

The company has been through various issues recently and has been in a very public feud with one of it’s founders Mr. Ashneer Grover. Today, the company alleges that Mr. Grover has embezzled funds out of the company to pay for his lavish lifestyle. Both sides are not holding back any punches as the feud keeps worsening on a daily basis.

The fintech company is also planning to launch its IPO in the next 18-24 months.

Highlight by Aman Agarwal.

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