India aspires to reach a $5 trillion economy, and to achieve this, the micro, small, and medium enterprises (MSMEs) cannot be overlooked. These businesses contributed a substantial 29% to India’s GDP in 2022. However, despite their vital role, many entrepreneurial ventures grapple with credit constraints and a lack of avenues for growth. This poses a significant challenge, hindering dreams in the fiercely competitive market landscape.
In this scenario, fintech companies like BharatPe emerge as the saving grace for entrepreneurial dreams. These fintech giants provide the much-needed solution to credit constraints and create favorable avenues for scaling. Here, we delve into the story of Razi, a 24-year-old salon owner from Bhopal, and his salon chain — 'King Cosmo Salon.'
Razi's journey encapsulates the transformative impact of BharatPe's support. Moving from Delhi to Bhopal at a young age, Razi's family pioneered in the salon business, operating nine salons in the city. Learning the trade from his elder brothers, Razi ventured to open his own salon two years ago. BharatPe became his ally, providing QR codes, swipe machines, enticing rewards, easy loans sans paperwork, and prompt settlements.
In 2021, Razi availed a Rs 2 Lakh loan, and in 2022, a second loan of the same amount, which he judiciously used to promote his salon chain, secure a cosmetic brand dealership, and witness a substantial monthly profit increase of Rs 30,000. Now, Razi dreams bigger — from upgrading his small salon to a swanky establishment to investing in new brand dealerships, improving customer service, expanding King Cosmo Salon across every nook and corner of Bhopal, employing and training new individuals. Razi's eyes sparkle with confidence as he declares, “Mujhe apne sapne and BharatPe ke support par poora bharosa hai.”
With a seamless loan application and repayment process, BharatPe ensures that individuals like Razi can focus on running and scaling their businesses without unnecessary worries. This isn't just one story; it's representative of millions of passionate and resilient merchants across Bharat. As a merchant-focused fintech, BharatPe stands committed to empowering offline merchants and propelling their businesses to new heights.