Business

BharatPe’s POS vertical hits profitability in 2 years of launch

Fastest-ever launch to profitability story in the POS vertical

BharatPe, India’s leading fintech company, today announced that it had achieved a significant milestone on its road to profitability with BharatSwipe, the company’s POS business turning profitable.

BharatPe has reached this milestone two years of the launch of the product. The company also shared that this is the fastest-ever launch to the profitability story of any brand in the POS category in the country.

BharatPe launched BharatSwipe, its disruptive card payment acceptance machine, in the second half of 2020. This was India’s first zero rental Swipe machine that witnessed an overwhelming response from its early days.

Today, BharatSwipe contributes over 20% to the overall payments Transaction Processed Value (TPV) of the company annually. BharatPe is the No. 2 private POS player in the country, with an installed base of close to 2 lac machines across 250+ cities.

“BharatSwipe turning profitable is a great validation of the merchants’ trust in us and our business model. Today, we clock to 4 million transactions on our POS devices every month. We are committed to scale this business and aim to end this fiscal year with US$ 6bn in annualized TPV. As we move ahead, we will focus on partnering with the best in the business to launch a range of offerings and new products to offer an excellent experience to our merchant partners. We launched a strategic cooperation with Ingenico earlier this year. We will launch the new Axium POS machines coupled with PaaS soon to offer world-class payment and commerce services to our merchant partners and further help them grow their business. We will also launch new offerings like consumer credit and loyalty and rewards features on our POS machines to enable our merchants to sell more and further grow their business.”

Mr. Shashvat Nakrani, Founder, BharatPe, who also spearheaded the launch and scale-up of BharatSwipe for the company, said,

“It was not so long ago that we ventured into the hyper-competitive POS category with yet another disruptive product from the BharatPe stable. The response was very encouraging and we scripted the fastest-ever scale-up in the POS category with wide acceptance of the product by merchants across categories, including kirana store owners, restaurant owners, and entrepreneurs with 4-5 outlets opting for BharatSwipe. It is interesting to note that over 60% of our POS merchants were first-time card machine users. Today, as I look back, it gives me a sense of pride when I say that the BharatPe team has been able to create history with the fastest-ever launch to profitability story in this vertical ever. This is the first feather in our cap as we focus all our energies towards turning profitable by the end of FY23.”

Added Suhail Sameer, CEO, BharatPe,

BharatSwipe enables merchants to take payments from a variety of credit and debit cards while paying no transaction fees. Merchants can accept QR payments via dynamic QR generated on the Swipe machine using BharatSwipe.

One of the most desired features of the device is its ability to generate real receipts for QR payments made via BharatPe’s UPI QR.

It also offers the ‘holiday settlements’ feature which allows merchants to accept settlements even on a bank holiday, thereby ensuring liquidity at all times.

About BharatPe

BharatPe was launched in 2018 with the goal of bringing financial inclusion to Indian merchants. BharatPe released India’s first UPI interoperable QR code, as well as the first zero MDR payment acceptance service, in 2018.

Following Covid, BharatPe launched the BharatSwipe card acceptance terminal in 2020. Currently serving one crore merchants across 400 cities, the company is a leader in UPI offline transactions, processing 18 crores+ UPI transactions per month (annualized Transaction Processed Value of US$ 20 Bn in payments).

The company has already facilitated disbursement of loans totalling over ₹7500 crores to over 400,000 merchants. BharatPe’s POS business processes payments of over US$ 4 bn annually on its machines.
To date, BharatPe has raised about US$650 million in equity. Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo, and Sequoia Capital are among the company’s notable investors.
The firm announced the acquisition of PAYBACK India, the country’s largest multi-brand loyalty programme company with over 100 million members, in June 2021.
The Reserve Bank of India granted Centrum Financial Services Limited (Centrum) and BharatPe a Small Finance Bank (SFB) licence in October 2021. (RBI). With the launch of postpe in October 2021, BharatPe also entered the Buy Now Pay Later industry.
This article was shared with Prittle Prattle News as a Press Release.
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