BharatePe targets $6B in annualised transactions processed value from POS biz by end of FY22
The fintech giant added it aims to grow its POS business, BharatSwipe, by 3X.
Fintech giantexpects to hit $6 billion in annual transactions processed value in its POS business by the end of the financial year 2022, the company said on Thursday.
It also aims to grow its point-of-sale system business — BharatSwipe — at least three folds, by expanding into 80 cities across India by FY22 end, the Delhi-based company added.
BharatPe launched BharatSwipe in the second half of 2020, after which it instantly became a hit because of its zero-rental model. The business contributes 20 percent to the overall payments TPV of the firm, with over one lakh machines installed across 16 cities, so far.
It has especially seen traction from small merchants, including kirana store owners, restaurant owners, and entrepreneurs.
"With 60 percent of our POS merchants being first-time card acceptance machine users, and with industry-leading active POS machine rates, we believe that the business is ripe for growth...We would also add new and innovative loyalty and rewards features to our POS devices to aid merchants’ business growth and drive increased consumer footfalls at their shops," Suhail Sameer, BharatPe's group president said in a press release.
He added the company expects to deploy three lakh machines by the end of FY22, and is currently exploring strategic partnerships with banks, financial institutions, and brands "with the objective of enhancing the customer experience on our POS devices."
It will also enable the 'buy now, pay later' feature to bolster its consumer credit offering.
The startup was co-founded by Ashneer Grover and Shashvat Nakrani in 2018 to help Indian merchants adopt fintech systems and become part of the financial ecosystem. Its investors include Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo, and Sequoia Capital.
Last month, BharatPe and Centrum submitted a joint proposal to take over crisis-ridden PMC Bank (Punjab and Maharashtra Co-operative bank), a proposition the Reserve Bank of India said it has found to be "prima facie feasible" — marking a big foray for a fintech startup into the mainstream banking sector.
Edited by Kanishk Singh