Fintech startup BharatPe on Thursday announced that its Point-of-Sale (POS) business, BharatSwipe, has turned profitable.
The company had launched its “zero rental” card payment acceptance machine BharatSwipe in the second half of 2020, and claims to have installed about 2 lakh machines across 250 cities to date. It processes about 4 million transactions every month and aims to close the fiscal with $6 billion in annualised Transaction Processed Value (TPV), founder Shashvat Nakrani said.
The business contributes to over 20% to the overall payments TPV of the company annually, it said in a statement. “This is the first feather in our cap as we focus all our energies towards turning profitable by the end of FY23,” said Suhail Sameer, CEO at BharatPe.
BharatSwipe competes with the likes of POS majors Pine Labs, Mswipe, Ezetap, Innoviti, along with PhonePe and Paytm who had dolled out their respective POS offerings during the same period.
“As we move ahead, we will focus on partnering with the best in the business to launch a range of offerings and new products with the objective of offering a superlative experience to our merchant partners,” said Shashvat Nakrani, Founder, BharatPe.
Earlier this year, the company had announced a strategic partnership with Ingenico and will be launching the new Axium POS machines coupled with Payment Platform as a Service (PPaaS).
“We will also launch new offerings like consumer credit as well as loyalty and rewards features on our machines,” he added.
Backed by Tiger Global and Sequoia Capital, BharatPe has raised over $650 million in equity to date. Last year, the startup acquired multi-brand loyalty program company, PAYBACK India besides being bagging Small Finance Bank (SFB) license from the Reserve Bank of India (RBI) in its consortium with Centrum Financial Services Limited (Centrum). It had also marked its entry in BNPL with the launch of PostPe in October 2021.
