On Thursday, BharatPe (An Indian UPI based merchant payment network) said that in the month of September the network recorded transaction disbursements of over ₹80 crores. This amount of transaction disbursements in a single month makes the merchant as the largest financial-tech lender for merchants in the country during the pandemic.
In the current quarter of the year 2020, the financial-tech company has facilitated loan disbursements to the scale of ₹150 crore with the help of it’s partners.
The company has already stated that it has plans to increase the figure of the loan disbursements upto seven times in this current year and aims to disburse loans upto ₹1000 crore in the remaining F.Y of 2020-21.
The company’s BharatLoan enables the merchants to take loan of amount between ₹20,000 and ₹7 lakhs for a tenure upto 15 months at minimal interest rates compared to the current bank loan interest rates. Notably, the merchants can repay the loan with installments that can be paid on daily or weekly terms.
The complete process of lending the loan to the merchant is carried out digitally with no physical verification or hardcopy requirement. From application to document verification, the process is conducted by online portals securely.
Retail businesses of small and medium-sized are gradually coming back on track and are already preparing for the upcoming festive season, one of the officials from the company said.
The official further added that the company aims to be the financial-tech partner of first choice for the merchants of India and will continue to bring new products that enables them to grow their businesses rapidly.
The company is currently serving over 50 lakh merchants across the country and it has grown it’s business by 30 times from 2019 also the company is leading offline UPI transactions with facilitating over 5 crore transactions in a single month.
Marquee investors such as Beenext, Sequoia, SteadView Capital, Ribbit Capital, Coatue Management LLC, Insight Partners, Amplo are on the company’s list.