New Delhi [India], January 24 (ANI/PRNewswire): BharatPe, one of India's fastest-growing fintech companies, today announced that its recently launched 'Buy Now Pay Later' product, 'postpe', has been a runaway success. 'postpe' emerged as one of the fastest growing products in the BNPL industry, with an annualized TPV of Rs. 2,400 crores in just 3 months of its launch.
The company shared that 'postpe' is now a formidable player in the extremely competitive BNPL space, having facilitated disbursals to 300,000 consumers in the first quarter of its launch. The company also shared that it has extended a credit line of Rs. 1,000 crores, in partnership with its lending partners. BharatPe shared that postpe is expected to grow 2x in the last quarter of the financial year and the company is targeting closing the last quarter of FY22 with an annualized TPV of Rs. 4,500 crores.
BharatPe launched postpe in Oct 2021 at the ICC T20 Cricket World Cup in Dubai, where postpe was the Global Sponsor. The app has received an overwhelming response over the last 90 days and currently has 1.8 Mn downloads and 1.5 Mn registered users. The company offers interest-free credit limit of up to Rs. 10 Lakhs to its customers.
It is the first BNPL product to offer universal usage - on QR, card and online. Customers can choose to pay by scanning QR at BharatPe merchant outlets or pay via VISA card for POS and online transactions. Customers can also take money into their bank or send to other postpe customers using the 'send money' feature. Additionally, customers can enjoy a host of discounts and offers when using postpe across popular online platforms across industries, including Swiggy, BookMyShow, Pharmeasy, Tata Cliq and, EazyDiner.
Speaking on the milestone, Suhail Sameer, Chief Executive Officer, BharatPe said on the launch, "The idea behind postpe was simple - to make EMI and credit available for everyday purchases made by a customer, irrespective of the ticket size. As against a few organized retail outlets where BNPL was available traditionally, we started out with offering postpe at our 80 Lakh plus merchant outlets. Over the last 3 months, we have been able to facilitate credit to 3 Lakh plus customers and are hoping to touch 8 Lakh customers by March. We had initially set a target of facilitating a loan book of Rs 2,000 crores on postpe in the first 12 months, for our lending partners. However, we have already surpassed this milestone and are now targeting annualized TPV of Rs. 24,000 crores by end of 2022."
Added Nehul Malhotra, Head- Consumer Lending, BharatPe, "postpe is the youngest but one of the biggest success stories in BNPL space. In just one quarter, we have been able to emerge as a dominating player in the cluttered BNPL category through a very simple yet powerful proposition. Our media campaign of 'de dena aaram se' has become the anthem for BNPL and made us a household name. Both iPhone and Gol Gappa on emi is our motto. Send money and ability to pay on BharatPe QRs is our biggest differentiating advantage."
postpe is a truly digital product that empowers the customers to shop across offline as well as online merchants, and repay easily through EMIs. Customers can simply open the postpe app, scan QR code and pay using postpe credit at merchant outlets. The sign up and limit assignment is done in a record 60 seconds. postpe was the Global Sponsor of ICC T20 World Cup that was held in Dubai last year.
In August last year, BharatPe announced its entry into consumer Fintech with the launch of 12% Club. The app is available on Google Play Store and Apple App Store. With 12% Club, consumers have an option to invest and earn up to 12% annual interest or borrow at a competitive interest rate of 12%. BharatPe has partnered with RBI approved P2P NBFCs to offer this investment-cum-borrowing product to its customers.
BharatPe was co-founded by Ashneer Grover and Shashvat Nakrani in 2018 with the vision of making financial inclusion a reality for Indian merchants. In 2018, BharatPe launched India's first UPI interoperable QR code, the first zero MDR payment acceptance service.
In 2020, post-Covid, BharatPe also launched India's only zero MDR card acceptance terminals - BharatSwipe. Currently serving over 80 lakh merchants across 150 cities, the company is a leader in UPI offline transactions, processing 11 crores+ UPI transactions per month (annualized Transaction Processed Value of US$ 17+ Bn). The company has already facilitated disbursement of loans totaling to over Rs3000 crores to over 300,000 merchants, since launch. BharatPe's POS business processes payments of over Rs1,400 crores/ month. BharatPe has raised over US$ 650 million in equity and debt, till date.
The company's list of marquee investors includes Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital. In June 2021, the company announced the acquisition of PAYBACK India, the country's largest multi-brand loyalty program company with 100 million+ members.
In June 2021, it was also given an in-principle approval by Reserve Bank of India to establish a Small Finance Bank, in partnership with Centrum Financial Services Limited (Centrum), the established and profitable NBFC arm of the Centrum Group. In August 2021, BharatPe forayed into the consumer space with the launch of its first-of-its-kind consumer investment+ lending product- 12% Club.
In October 2021, the consortium of Centrum Financial Services Limited (Centrum) and BharatPe, was issued a Small Finance Bank (SFB) license by the Reserve Bank of India (RBI). BharatPe also made its grand entry in the Buy Now Pay Later segment with the launch of postpe in October 2021.
This story is provided by PRNewswire. ANI will not be responsible in any way for the content of this article. (ANI/PRNewswire)