BharatPe Club was launched this year and has a member base of two lac offline merchants and Kirana store owners across tier-I, II and III cities and towns. The company is aiming for a member base of 1 million merchants by June 2022 for BharatPe Club.
BharatPe is a merchant first fintech company and has been launching Fintech products that help offline merchants grow their business. The corporate has grown exponentially over the last 18 months, clocking multi-fold growth in digital payments, lending further as a POS business.
BharatPe Club offers a host of offers to its members, including flat 1,000 rupees off on BharatSwipe, 20% discount on bill payments, cashback on BharatPe Card, priority customer service and 0% Loan Processing Fees on business loans.
Members can take home exclusive merchandise signed by BharatPe brand ambassadors. Merchants can become a member of the BharatPe Club by paying Rs 1,000 as an annual enrolment fee and can enjoy benefits of up to Rs 20,000.
The top products preferred by the BharatPe Club members include the business loans (availed by 26% of members), BharatSwipe machines (opted by 26% of members) and BharatPe account (used by 88% of Club members),
BharatPe Club has witnessed huge success among offline merchants across categories including Food and Beverage, Retail, Electronics, Beauty, Wellness, Dairy/Fresh Products, Services, Grocery, Medical/Healthcare, Automobiles and Wholesale/Distribution.
The top cities for BharatPe Club include Pune, Bengaluru, Hyderabad, Delhi, Warangal, Visakhapatnam, Karimnagar, Vijaywada, Chennai, Mumbai, Indore, Chittoor and Guntur.
BharatPe Club has witnessed a large organic uptake with most of the merchants choosing for BharatPe Club.
The company is exercising an aggressive expansion policy and is currently present in 140+ cities. It provides business loans in 11,000 pin codes across 24 states in India.
BharatPe crossed US$13 bn in annualized payment number last month and plans to rake it up to US$ 30 bn by March 2023.
The company aims to build a loan book of US$ 5 bn within the next 5 years to handle the unmet credit gap amongst several SMEs in India.
Suhail Sameer, Chief Executive Officer, BharatPe, said, As we grow, it becomes important for us to create an engaged merchant base and also make sure that we provide a number of additional benefits to our loyal merchant partners.
We recently announced that we’ll be launching the world’s first ‘Merchant Shareholding Program (MSP)’ with the target of providing a chance to our merchant partners to become part equity owners of BharatPe.
The company will create an equity pool structure worth up to US$100 mn to be allotted to eligible merchants over the course of the next 4 years. BharatPe Club’s objective is to empower our merchant partners and reward our loyal merchants with additional benefits and cashback.