Mumbai, November 10, 2021 (GNI): BharatPe, India’s leading Fintech Company for merchants, today announced that it has flown 305 top performing merchants to Dubai, as a part of its ‘BharatPe Lagao, World Cup Jao’ contest. The winners of the contest won a 3 days, 2 nights all-expenses paid trip to Dubai as well as got a chance to watch the ICC Men’s T20 World Cup 2021 matches live. The winners include top transacting merchant partners from 38 cities across India, during the time the contest was live.
As a part of the trip, the BharatPe merchants not only watched live cricket action at the Dubai International Stadium, but also visited popular tourist locations including Jumeirah beach, Burj-Al Arab, Dubai Museum, Atlantis The Palm & Dubai Creek. They also got an opportunity to visit the top shopping destinations in the city, including the Dubai Mall. The winners included merchants from tier-1, 2 and 3 towns and cities of India. Merchants from the following cities travelled to Dubai – Agra, Ahmedabad, Allahabad, Aurangabad, Bangalore, Bhopal, Bhubaneswar, Chandigarh, Chennai, Kochi, Delhi, Faridabad, Guntur, Gurgaon, Guwahati, Hyderabad, Indore, Jaipur, Kanpur, Karimnagar, Kolkata, Kurnool, Lucknow, Ludhiana, Mangalore, Mumbai, Mysore, Nagpur, Nalgonda, Nashik, Nellore, Patna, Pune, Surat, Vadodara, Vijaywada, Visakhapatnam and Warangal.
Speaking about the campaign, Mr. Nishant Jain, Chief Business Officer, BharatPe, said, “We believe in building long-term relationships and hence, run contests from time to time to rewards our merchant partners for their trust in us. The ‘BharatPe Lagao, World Cup Jao’ campaign was a huge success. We saw overwhelming participation from merchants across 140+ cities in the country. Cricket is a great unifier in India and merchants were excited to get an opportunity to visit the cosmopolitan city of Dubai and watch live international cricket matches . We hope to continue offering such top-class experiences to our top transacting as well as loyal merchant partners in the future as well. I would like to reiterate that merchants will always be our key focus and will continue to launch products that can empower their businesses and aid positive growth.”
The ‘BharatPe Lagao, World Cup Jao’ contest was active from August 15 to September 30, 2021. The contest included three milestones based on number of transactions or TPV on the BharatPe QR. The merchants who completed Milestone 3 could get an all-inclusive package to Dubai to watch India play the ICC Men’s T20 World Cup. The winners were decided based on a lucky draw.
BharatPe has witnessed a phenomenal growth over the last financial year, with the company witnessing a 5x growth in payments and a 10x growth in lending business. The company has been aggressively expanding across cities and currently has a presence in 140+ cities in India. BharatPe recently ventured into consumer Fintech with the launch of 12% Club- that allows customers to lend and earn interest of upto 12% as well as take loans at 12% annual rate of interest. It also forayed into the Buy Now Pay Later (BNPL) category with the launch of postpe. BharatPe is aggressively building the lending vertical and has set a target to build a loan book of Rs. 40,000 crores (US$ 5 billion) in the next 5 years stated in the press release.
About 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 75 lakh merchants across 140+ cities, the company is a leader in UPI offline transactions, processing 11 crores+ UPI transactions per month (annualized Transaction Processed Value of US$ 11+ Bn). The company has already facilitated disbursement of loans totaling to over Rs. 2,800 crores to over 300,000 merchants, since launch. BharatPe’s POS business processes payments of over Rs. 1,400 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.ends
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