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BharatPe back on track after Ashneer controversy, records 112% growth

New Delhi, July 6 (IANS): Leaving behind the Ashneer Grover controversy, fintech platform BharatPe closed one of the highest growth quarters in its history, facilitating more than Rs 3,600 crore in loans in the first quarter (April-June period) of the exercise 23.

This is a growth of 112% compared to the last quarter. BharatPe said it also hit an all-time high of $18.5 billion in annualized total payment value (TPV) – a 50% growth in the last quarter.

“After a successful 22 year that we closed with 3x growth in merchant loans, 2.5x growth in payments and a 4x increase in revenue, BharatPe recorded its best quarter ever in the first quarter. of FY23,” said Suhail Sameer, CEO, BharatPe.

“We are on an incredible growth journey, driven by a huge shift in behavior towards digital payment methods, the rise of UPI, and increased acceptance of new era fintech products,” he said. he adds.

The company facilitated payouts to over 1.2 lakh merchants in the first quarter of FY23 compared to 66,000 merchants in the last quarter of FY22.

Additionally, BharatPe’s other product offerings, including card acceptance point-of-sale business (BharatSwipe) and its investment platform for merchants, have seen consistent growth (over 30%) versus in the last trimester.

“We are on track to achieve our goal of $2 billion in loans facilitated (through our NBFC/banking partners) for both consumers and merchants by the end of FY23. , as well as to grow the TPV to $30 billion by March 2023,” Sameer said.

The company experienced its biggest controversy to date earlier this year when its co-founder and CEO Ashneer and his wife Madhuri Jain Grover siphoned off funds worth millions of dollars and were subsequently sacked by the society.