- BharatPe has challenged BHIM- the app regulated by the government which had reached 18 million figure only once since its launch.
- The company is in the last round to raise $75 million Series B round at about $350 million valuations, which is very much encouraging and impressive for a one-year-old startup.
BharatPe, a homegrown player in QR based payment space, which enables offline merchants to accept digital payments through any Unified Payment Interface (UPI) supporting apps such as PhonePe, Paytm, Google Pay, BHIM, Mobikwik and many more, has crossed $18 million transaction volume mark on a monthly basis.
This number might not be huge in front of big players such as Paytm or PhonePe’s volume but the company has emerged as one of the fastest-growing fin-tech companies which are focussed on offline merchants and retailers where the former have captured the market.
This is nine times growth in the last eight months and it is further aiming at 30 million UPI transactions in a month by Diwali. In the span of 10 months making its debut in the digital payments game, the firm backed by Sequoia Capital has also claimed to cross $1 billion annualized Total Payment Volume (TPV).
BharatPe has challenged BHIM- the app regulated by the government which had reached 18 million figure only once since its launch.
BharatPe has started extending small value, short-duration loans to merchants by partnering with few non-banking finance companies such as Apollo Finvest apart from focusing on merchant based payments.
In the start, the app plans to offer loans with ticket sizes between the range of Rs. 10,000 to Rs. 1 lakh at a minimum interest rate of 1.67 percent.
Lending money is one of the parts of the company’s long term monetization plan where it is planning to convert 20-25 percent of its total merchant base on the platform using its credit services. Apart from this, the company is also planning to get into B2B (business-to-business) commerce via the marketplace model.
With more than 2,000 employees, BharatPe is looking to increase the team size and recruit more than 2,500 employees in Bengaluru, Hyderabad and other cities by December 2019.
The company is in the last round to raise $75 million Series B round at about $350 million valuations, which is very much encouraging and impressive for a one-year-old startup.
If we look at the competition faced by BharatPe, they will have to fight against Paytm which had claimed to have a 70 percent market share in UPI-based merchant payments followed by PhonePe.
Recently, PhonePe the digital payments firms which is owned by has recorded an annual ‘Total Payment Volume’ (TPV) of $95 billion while recording 335 million transactions in July.