BharatPe says Vanakkam Coimbatore!
~Launches fintech products to support small merchants!
Coimbatore, November 23, 2020: BharatPe, India’s largest merchant payment company, today announced the roll out of its fintech services in the city of Coimbatore. The announcement is in line with the company’s aggressive expansion strategy, as it aims to become the preferred financial services partner for SME merchants in the country. BharatPe will be offering its one-of-a-kind interoperable UPI based QR payment acceptance with zero transaction fees. It will also roll out loan products for small and medium businesses in the city, with the objective of helping them grow their business. The company, which has an existing merchant network of over 5 million merchants across 35+ cities, announced its ambitious plans to add 1 lakh merchants from Coimbatore to its existing list, in the next 6 months. BharatPe today processes transactions worth $7 Bn annually, and lends more than 150 Cr per month.
BharatPe has an existing user base of over 20 lakh merchants in 18 cities of south India. The company aims to make the most of the rise in UPI, triggered by the increasing use of digital payments due to the pandemic. Merchants in Coimbatore can accept payments via UPI BharatPe QR with zero transaction fees and also avail loans upto Rs. 7 lacs at competitive interest rates. BharatPe will offer its hybrid repayment model with a combination of daily QR/POS collection and weekly payments made directly from the bank account to the merchants availing loans.
Speaking on the expansion, Mr. Suhail Sameer, Group President, BharatPe, said “In the last few months, India has witnessed an exponential increase in digital payment acceptance across the country. As billions were under lockdown and only stepped out for essentials, they preferred digital mode of payment vis-à-vis cash. BharatPe has done exceptionally well across markets over the last few months and recorded a consistent double digit growth on a month-on-month basis. We have emerged as a preferred fintech partner for merchants across the country, including the cities in the southern part of the country like Hyderabad, Bangalore and Visakhapatnam. We are excited to launch of services in Coimbatore. It is one of the emerging business centres in the country and promises a host of opportunities for a fintech company like ours. I am confident that the merchants in Coimbatore will choose to partner with us for their financial services requirements- both payments and credit. We aim to become the No. 1 fintech lender in South India in the next 12 months.”
BharatPe is bullish about its lending business and aims to disburse loans worth INR 1,000 crores by the end of FY21. It will also be rolling out BharatSwipe in the Coimbatore market in the near future, to enable merchants to accept debit/credit card payments via the BharatPe’s POS machine that has no rentals or transaction fee. The company recently launched Digital Gold, to enable merchants to buy and sell gold via the BharatPe app. The product, launched in partnership with Safegold allows the merchant to purchase gold at real-time prices. The company’s Coimbatore office is located in Aishwarya Commercial Center, RS Puram.
About BharatPe
BharatPe was co-founded by Ashneer Grover and Shashvat Nakrani in 2018 with the vision to make financial inclusion a reality for Indian merchants. BharatPe launched India’s first UPI interoperable QR code, first ZERO MDR payment acceptance service, and first UPI payment backed merchant cash advance service. In 2020, post-Covid, BharatPe also launched India’s only ZERO MDR card acceptance terminals – BharatSwipe. Currently serving over 50 lakh merchants across 35 cities, the company has grown business 30x in 2019 and is a leader in UPI offline transactions, having processed 5 crore+ UPI transactions a month (annualized TPV of US$ 7+ Bn). The company’s list of marquee investors includes Beenext, Sequoia, SteadView Capital, Ribbit Capital, Coatue Management LLC, Insight Partners, and Amplo. The company has already facilitated disbursement of over Rs. 500 crores to its merchants since launch. BharatPe has raised US$ 142.5 million till date.
