– Rs goals. 24,000 crores in POS at the end of 2022
– BharatPe’s Buy Now Pay Later records 1.8 million downloads in 90 days
– 300,000 people used interest-free credit in the first quarter
NEW DELHI, January 24, 2022 /PRNewswire/ — BharatPeone of india fastest-growing fintech companies, today announced that its recently launched “Buy Now Pay Later” product, “to post‘, was a resounding success. ‘post’ has become one of the fastest growing products in the BNPL industry, with an annualized TPV of Rs. 2,400 crores in just 3 months of its launch. The company shared that ‘job’ is now a formidable player in the fiercely competitive BNPL space, having facilitated disbursements to 300,000 consumers in the first quarter of its launch. The company also indicated that it had extended a line of credit of Rs. 1,000 crores, in partnership with its lending partners. BharatPe shared that postpe is expected to grow 2x in the last quarter of FY and the company aims to close the last quarter of FY22 with an annualized TPV of Rs. 4,500 crores.
BharatPe launched postpe in October 2021 at the ICC T20 Cricket World Cup in dubai, where postpe was the global sponsor. The app has received an overwhelming response over the past 90 days and currently has 1.8 million downloads and 1.5 million registered users. The company offers an interest-free credit limit of up to Rs. 10 Lakhs to its customers. It is the first BNPL product to offer universal use – on QR, card and online. Customers can choose to pay by scanning the QR code at BharatPe outlets or pay by VISA card for point-of-sale and online transactions. Customers can also deposit money in their bank or send it to other postpe customers using the “send money” feature. Additionally, customers can take advantage of a host of discounts and offers when using postpe on popular online platforms across industries, including Swiggy, BookMyShow, Pharmeasy, Tata Cliq, and EazyDiner.
Speaking on the milestone, Wish SameerChief executive officerBharat Pe said at the launch: “The idea behind postpe was simple: to make EMI and credit available for everyday purchases made by a customer, regardless of ticket size. Unlike a few organized outlets where BNPL was traditionally available, we have started with offering postpe to our 80 Lakh plus merchant outlets.In the past 3 months we have been able to facilitate credit to 3 Lakh plus customers and hope to reach 8 Lakh plus customers by March We originally set a goal to facilitate a loan book of Rs 2,000 crores to to post in the first 12 months, for our lending partners. However, we have already passed this milestone and are now targeting an annualized TPV of Rs. 24,000 crore end of 2022.”
Added Nehul Malhotra, Head of Consumer Lending, BharatPe“postpe is the youngest yet one of the greatest success stories in the BNPL space. In just one quarter, we were able to emerge as a dominant player in the crowded BNPL category thanks to a very simple yet powerful proposition. Our campaign media of ‘dena aaram se’ became BNPL’s anthem and made us a household name. iPhones and Gol Gappa on emi is our motto. Sending money and being able to pay on BharatPe QRs is our biggest differentiating advantage.”
postpe is a truly digital product that allows customers to shop from offline and online merchants and easily refund via EMI. Customers can simply open the to post app, scan the QR code and pay using to post credit at merchant outlets. Signing up and assigning limits is done in a record time of 60 seconds. to post was the worldwide sponsor of ICC T20 World Cup which was held in dubai Last year.
In August last year, BharatPe announced its entry into mainstream fintech with the launch of the 12% Club. The app is available on Google Play Store and Apple App Store. With the 12% Club, consumers have the option of investing and earning up to 12% annual interest or borrowing at a competitive interest rate of 12%. BharatPe has partnered with RBI approved P2P NBFCs to offer this investment and borrowing product to its clients.
BharatPe was co-founded by Ashneer Grover and Shashvat Nakrani in 2018 with the vision of making financial inclusion a reality for Indian merchants. In 2018, BharatPe launched india first UPI interoperable QR code, the first zero MDR payment acceptance service. In 2020, post-Covid, BharatPe also launched india only zero MDR card acceptance terminals – BharatSwipe. Currently serving over 80 lakh merchants in 150 cities, the company is a leader in offline UPI transactions, processing 11 crore+ UPI transactions per month (annualized transaction value of over US$17 billion). The company has already facilitated the disbursement of loans totaling over ₹3,000 crore to over 300,000 merchants since its launch. BharatPe’s POS business processes payments over ₹1,400 crore/month. BharatPe raised more than US$650 million in equity and debt, to date. The company’s list of renowned investors includes Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital. In June 2021, the company announced the acquisition of PAYBACK India, the country’s largest multi-brand loyalty program company with more than 100 million members. In June 2021it has also received approval in principle from the Reserve Bank of India to establish a small financial bank, in partnership with Centrum Financial Services Limited (Centrum), the established and profitable NBFC arm of the Centrum Group. In August 2021, BharatPe has made a foray into the consumer space with the launch of its first investment and consumer loan product – 12% Club. In October 2021the consortium of Centrum Financial Services Limited (Centrum) and BharatPe, has been granted a Small Finance Bank (SFB) license by the Reserve Bank of India (RBI). BharatPe has also made its grand entrance into the Buy Now Pay Later segment with the launch of to post in October 2021.
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