Ashneer Grover the co-founder of BharatPe has recently become a part of numerous headlines for all good and bad reasons. He resigned from the position after getting accused by the CEO and other board members. However, the news is old now and nothing new is coming from Grover, but it seems that Suhail Sameer the CEO of the company has something new for us. The company has recorded growth in the fiscal year. He also confirmed that the company is at break even.
According to the PTI interview, Sameer shared that the board will decide what to do with the money which is allegedly swindled by Grover. He also suggested that the BharatPe is currently focused on keeping employees stable and “to keep firing on the business front.”
“Business in the last quarter (January-March) is up 20 percent on every metric — transactions, TPV, loans facilitated, and revenue. And this is despite January being (hit by) COVID, and everything was slowing a bit. Delhi was shut; many cities had weekend curfews,” PTI quoted Sameer as saying.
We are happy to launch ‘Transforming Bharat- Season 2’ where we continue our mission to help shop-owners & merchants grow their businesses across India.
— BharatPe (@bharatpeindia) February 25, 2022
So far BharatPe has successfully reached 225 cities across the country allowing show owners to make payments via QR codes. It seems that the company has marked 2X growth from last fiscal, the company has onboarded more than 8 million merchants which is a growth of 3 million from the previous fiscal.
“Transaction value (TPV) has grown 2.5x year-on-year to USD 16 billion in 2021-22 (April 2021 to March 2022). POS (point of sale) business is also 2x up from last year with over 1.25 lakh POS machines deployed. We do USD 4 billion transactions on it as of March,” Sameer Added.
Furthermore, he added at PostPe which allow users to buy-now-pay-later features is making a million transaction in a month. The product was launched five months back in the country and now it has grown well.
So I just heard @bharatpeindia closed it’s first quarter of ‘degrowth’ and ‘maximum cash burn’ under able (sic) leadership of Rajnish Kumar and Suhail Sameer. ‘Chaabi chheenna and hatti chalana do alag alag skills hai !’ Ab Nani yaad aayegi – markets are the ultimate test & truth
— Ashneer Grover (@Ashneer_Grover) April 7, 2022
“Overall, from the company point of view, revenue has grown nearly four times y-o-y. And we will exit the year at a $110 million annualised run rate compared to $31-32 million (last year),” Sameer told PTI. “From $6 million, we have become $110 million in 18-20 months.”
What BharatPe Board thinks I am doing at ICC World Cup “10 ka 2, 10 ka 2, 10 ka 2 – aye sahab mangta hai kya ticket black mein ?!” What I am actually doing is ensuring Suhail Sameer and @sumeetsingh29 don’t drink silly the hospitality section dry. Kuchh nahi mila to kuchh bhi !!! pic.twitter.com/jI7vmWDECx
— Ashneer Grover (@Ashneer_Grover) March 16, 2022