BharatPe's PoS vertical turns profitable within 2 years of launch

Fintech platform BharatPe has announced that its point of sale (POS) platform, BharatSwipe, has turned profitable within two years of its launch.

Launched in the second half of 2022, BharatSwipe now contributes to over 20% to the overall payments Transaction Processed Value (TPV) of the company annually, the firm revealed.

BharatPe is the No. 2 private POS player in the country with an installed base of close to 2 lakh machines across more than 250 cities in the country, the firm said in a statement.

The company’s POS business processes payments of over $4 billion annually on its machines.

“BharatSwipe turning profitable is a great validation of the merchants’ trust in us and our business model. Today, we clock close to 4 million transactions on our POS devices every month. We are committed to scale this business and are aiming to end this fiscal with $6 billion in annualized TPV. 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 of BharatPe.

“Earlier this year, we had announced a strategic partnership with Ingenico and will be launching the new Axium POS machines coupled with PPaaS soon with the aim to offer world-class payment and commerce services to our merchant partners and further help them grow their business. We will also launch new offerings like consumer credit as well as loyalty and reward features on our POS machines so as to enable our merchants to sell more and further grow their business,” he added.

Currently serving 1 crore merchants across 400 cities, BharatPe processes more than 18 crores UPI transactions per month (annualized Transaction Processed Value of $20 billion in payments), the company revealed.

BharatPe has raised over $650 million in equity 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.