*BharatPe topples Google Pay to become #3 in UPI P2M*
Delivers 6.1 crore transactions with TPV of INR 3,334 crores in November 2020
New Delhi, 08 December 2020: BharatPe, India’s largest merchant payments company, today announced that it has become the 3rd largest player in the Merchant UPI payment acceptance space. The company has recorded INR 3,334 crores (US$ 479 million) in transaction value for the month of November, displacing Google Pay from the No. 3 position. The company shared that it processed 6.15 crores transactions in November 2020.
BharatPe has been outgrowing the market and has doubled its market share in the UPI P2M merchant payment acceptance category since April 2020. In November 2020, BharatPe has reached all-time high 5% market share by transaction value and 7% market share by transaction volume. The volume of transactions processed by BharatPe standalone last month is greater than the combined UPI P2M transaction volume of JIO, Zomato, Swiggy, CRED, FlipKart, CashFree, IRCTC and MPL.
Talking about the milestone, Mr. Ashneer Grover, Co-Founder and CEO, BharatPe, said, “BharatPe is an Indian startup and it is a proud moment for us to displace a global behemoth like Google Pay from the No. 3 position. The offline retail market is, in order of magnitude, larger than the online/ecommerce market in a country like India and digitizing fast. BharatPe’s differentiated financial services proposition focused at the merchant outweighs all other services being targeted by other UPI / VAS players. Big congratulations to BharatPe team for having delivered growth in 26 / 28 months since inception and growing 4X through COVID!”
Added Mr. Suhail Sameer, Group President, BharatPe, “The BharatPe team is extremely excited and enthused with this achievement. We are gearing up for new challenges and are committed to empower merchants to scale their business. We have bigger targets ahead of us. We intend to grow our business five times in the next 2 years, to cross US$ 30 bn TPV. We are bullish on lending and aim to disburse loans of US$1 bn to small merchants and kiranas by 2023.”
BharatPe offers a range of fintech products to help small merchants grow their business. These include industry’s first interoperable UPI QR with zero transaction fee, a range of credit and insurance products, the POS machine and digital gold. Also, it offers attractive collateral-free loans of upto Rs. 7 lakhs at competitive interest rates to merchants. BharatPe has a unique loan hybrid repayment model with a combination of daily QR/ POS collection and weekly payments made directly from the bank account to the merchants availing loans. The company announced its aggressive expansion plans across Tier-1, 2 and 3 cities in the country. The company is currently present in 50+ cities and plans to scale up its presence to 65 cities by Mar 2021.
BharatPe was co-founded by Ashneer Grover and Shashvat Nakrani in 2018 with the vision to make financial inclusion a reality for Indian merchants. BharatPe launched India’s first UPI interoperable QR code, first ZERO MDR payment acceptance service, and first UPI payment backed merchant cash advance service. In 2020, post-Covid, BharatPe also launched India’s only ZERO MDR card acceptance terminals – BharatSwipe. Currently serving over 50 lakh merchants across 50+ cities, the company has grown business 30x in 2019 and is a leader in UPI offline transactions, having processed 5 crore+ UPI transactions a month (annualized TPV of US$ 7+ Bn). The company has already facilitated disbursement of over Rs. 500 crores to its merchants since launch. BharatPe’s POS business grew to US$ 2bn annualized transaction value in just 3 months post the launch. BharatPe has raised US$ 142.5 million till date. The company’s list of marquee investors includes Beenext, Sequoia, SteadView Capital, Ribbit Capital, Coatue Management LLC, Insight Partners, and Amplo.