BharatPe goes all out lending to small businesses during COVID-19; aims to disburse Rs 1,000 cr in FY 20-21
At a time when traditional lenders have slowed down on their lending plans, fintech lenders like BharatPe have kept their taps on.
October 01, 2020 / 01:06 PM IST
Digital payments startup BharatPe has disbursed over Rs 80 crore in terms of business loans to its merchant partners through the months of the pandemic, the company said in a press note today.
Overall the company has disbursed Rs 150 crore through its lending partners in the entire quarter. This assumes importance at a time when the entire non banking lending space had slowed down its operations because of a blanket moratorium being imposed by the central bank till September.
The Delhi based startup has set an aim to disburse Rs 1,000 crore through the remaining months of the current financial year.
The platform offers its merchants unsecured loans up to Rs 7 lakh with minimal paperwork.
“BharatPe is leading from the front and helping the merchant community with much needed access to credit. Our proprietary algorithm designed to assess merchant creditworthiness, combined with a multi-modal collection mechanism, is the backbone of our lending product,” said Nishit Sharma, Chief Revenue Officer, BharatPe.