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Bharat Pe to expand across South, double headcount

Bharat Pe is planning to more than double its headcount in six months, expand its presence across the South and target loan disbursement of ₹70 crore in 2019.

Ashneer Grover, Chief Executive Director and Co-founder, Bharat Pe, said the company would be on-boarding 2,500 field staff and sales personnel to the existing 2,000-plus employees in six months. “We are looking to hire 1,000 each at Bengaluru and Hyderabad along with 500 in the new cities we plan to enter. Our vision is to enable seamless UPI payments for every offline merchant.”

Loans without collateral

The fintech company now operates across 13 cities, serving over 9 lakh merchants in places such as Bengaluru, Delhi, Hyderabad, Pune, Mumbai, Jaipur, Ahmedabad, Indore, Bhopal, Nagpur, Chandigarh, Mysuru, and Visakhapatnam.

“Our loan disbursement target for 2019 is ₹70 crore. The opportunity to lend on the digital platform is huge as there are over one crore MSME retailers in India. Loans are disbursed without any collateral, and the credit limit is assessed on the basis of the shopkeeper’s transactions on the BharatPe QR. The average rate of interest is 1.67 per cent per month, and loan amounts vary from ₹10,000 to ₹1,00,000,” said Grover.

The company has partnered with Apollo Finvest for the initiative.

Source: The Hindu