BharatPe clocks over Rs 80 crore disbursements in September

Merchant payment network BharatPe said on Thursday it recorded disbursal of over Rs 80 crore in September, making it the largest fintech lender for merchants in India during the pandemic.

The company has facilitated loan disbursals to the tune of Rs 150 crore through its partners in the current quarter.

BharatPe also said that it has ambitious plans of increasing the number of loan disbursals by seven times this year and will disburse loans worth Rs 1,000 crore in the rest of FY21.

BharatLoan allows merchants to avail loans in the range of Rs 20,000 to Rs 7 lakh for up to 15 months tenure at competitive interest rates. The merchants can repay the loan in the form of small daily or weekly installments.

The company's lending products have an end-to-end digital processing -- from applying to uploading documents to loan confirmation.

Nishit Sharma, Chief Revenue Officer of BharatPe, said small and medium-sized retail businesses are bouncing back and prepping for the festive season ahead.

"BharatPe intends to be the fintech partner of choice for Indian merchants and will continue to launch new products that enable them to grow their businesses," he said.

Currently serving over 50 lakh merchants across 35 cities, the company has grown business 30 times in 2019 and is a leader in UPI offline transactions, having processed 5 crore-plus UPI transactions a month.

The company's list of marquee investors includes Beenext, Sequoia, SteadView Capital, Ribbit Capital, Coatue Management LLC, Insight Partners, and Amplo.

( With inputs from ANI )