On Friday, Fintech unicorn BharatPe announced that its annualised total payment value (TPV) had reached an all-time high of $20 billion. To develop more non-urban cities, its business scope has been expanded to 400 cities and towns across the country.

Additionally, the upcoming IPO aims to reach a TPV of $30 billion by March 2023, when the company will be profitable at Ebitda levels.

Nishant Jain, Chief Commercial Officer of BharatPe, said: “We were able to achieve this milestone ahead of schedule. Since 2020, BharatPe has been expanding its coverage and extending UPI QR to tier 2, 3 and 4 towns and cities.”

The company, which saw some top-level staff resign quickly last month, claimed to have disbursed over Rs 3,600 crore in credit facilities in Q1FY23, up 112% sequentially – its merchant base also doubled to close to 1.2 lakh in Q1FY23. Of this, 66,000 traders were lent in Q4FY22.