Bhubaneswar: BharatPe, India’s leading fintech company for merchants,today announced the roll out of its financial services in Bhubaneswar.This launch is part of the aggressive expansion plan of the company, as it plans to scale its footprint to 300 cities by March 2023. The company recently announced its launch in the North eastern part of India with the kick start of its operations inGuwahati. BharatPe has set a target to onboard 1 lac merchants in the city of Bhubaneswar by October 2021. It will be looking at merchants across categories including Grocery, Food and Restaurants, Colleges and Educational Institutions, Pharmacies, Amusement Parks, amongst others. It also announced that it has set a target of building a merchant network of 2 lac merchants in Orissa in 2021.
BharatPe is committed to help small merchants and kirana store owners grow their business. It has an entrenched network of over 6 million merchants across 100 cities in the country.This announcement is in line with the company’s aggressive expansion strategy with the focus to become the preferred financial services partner for small merchants in the country. The company aims to make the most from the augmented demand in UPI as well as card payment acceptance by merchants, triggered by the change in customer behaviour over the last few months.
Speaking on the expansion, Mr. Suhail Sameer, Group President, BharatPe, said “In the last one year, India has witnessed an exponential increase in digital payment acceptance across the country as millions have resorted to digital modes of payment.Interestingly, digital payment is no longer a phenomena limited to Tier-1 cities of the country. We have seen a huge surge in the adoption and use of digital payment modes across tier-2 and beyond cities. Our payments business has grown 5x over the last 12 months, with tier-2,3 and 4 cities contributing considerably to the growth. For our next phase of growth, we aim to venture into the lesser explored markets and drive financial inclusion for the merchant community in these regions.”
Speaking on the expansion, Mr. Nishant Jain, Chief Business Officer, BharatPe, said, “Bhubaneswar has emerged as one of the fast-growing, important trading and commercial hub in the state of Orissa and in eastern India. As UPI is gaining popularity in becoming the most preferred payment platform even in smaller cities, I firmly believe that we will contribute significantly in incentivising businesses of merchants in Bhubaneswar. I am confident that the merchants in the citywill choose to partner with us for their financial services requirements. We aim to become the No. 1 fintech partner for small businesses in East India in the next 12 months.”
BharatPe aspires to become a Digital Bank for merchants that can serve as a one-stop destination for all merchant needs and lending business will play a key role in this journey. The company has set a target of 4x growth in its payments business and aiming for US$30B TPV by March 2023. It also has plans to grow its lending business manifold and aims to build a loan book of US$ 700M of loans to small merchants and kirana store owners by March 2023. The company’s office in Bhubaneswar is in Esplanade mall, Rasulgarh industrial estate, Bhubaneswar.
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