Digital payments have indisputably transformed the landscape of daily commerce in India. For businesses, big and small, this evolution is not just a luxury but a necessity. Small business owners, from tea stall vendors to independent cafe proprietors, faced the challenge of adapting to this new digital reality. BharatPe recognized this imperative early on and committed itself to empowering these businesses with cutting-edge fintech solutions that could catalyze their growth.
BharatPe's commitment translated into tangible support during challenging times, such as the onset of the Covid pandemic. The company continued its mission to empower emerging businesses, addressing their credit needs through the facilitation of unsecured loans in collaboration with RBI-approved NBFCs. Notably, in the first quarter of the financial year 2022-23, BharatPe facilitated loan disbursals amounting to Rs 3,600 crore, benefiting more than 1.2 lakh merchants. These weren't just statistics; they were real stories of individuals whose lives were positively impacted.
Among these success stories is that of Shambhu, a Lucknow tea stall owner who transitioned from a roadside vendor to owning his own tea showroom. Shambhu faced adversity at a young age when he had to abandon his education to support his father's tea stall. After setting up his own stall, financial struggles and the unpredictability of weather threatened his business. His turning point came when he applied for and received loans through the BharatPe app.
With the financial support from BharatPe, Shambhu transformed his roadside tea stall into a proper business. Two loans totaling Rs. 2.20 lakhs provided him the foundation to grow. Today, Shambhu's tea stall in Patrakarpuram Road, Gomti Nagar, Lucknow, is thriving, and he earns around Rs 1 lakh per month. The BharatPe Swipe machine and UPI QR further facilitated payment flexibility for his customers. The hassle-free loan application process and the option to repay in easy daily installments ensured Shambhu's journey from struggle to success.
Shambhu's story is just one among many, showcasing that with BharatPe as a partner, dreams of business ownership can become a reality for small entrepreneurs, be it your neighborhood tea stall or corner grocery store.