Digital payments have surely swooped in and changed the way Indians shop or pay. Whether it's shopping, paying bills, or paying merchants for services, digital payments have irrevocably revolutionized daily commerce, and paper currency is almost archaic. That means business owners have also had no option but to evolve as well, whether it's a tea stall vendor or the independent corner cafe owner.
Equipping small business owners to walk the tide was crucial to ensure that these young businesses are catching up and growing alongside, and that's a big ask. Since its early days, BharatPe has been committed to empowering these small businesses with best-in-class fintech products that can help growth of their businesses. Even during the times of Covid, the company continued to empower emerging businesses and address their credit needs by facilitating unsecured loans, in partnership with RBI-approved NBFCs. Rs 3,600 crore in loan disbursalss were facilitated to more than 1.2 lakh merchants in the first quarter of the financial year 2022-23 itself, and lives impacted were real people, grappling for that helping hand and thriving once that was enabled.
While big numbers and percentages can feel a little cold and blurry, it's the real story that puts things into perspective. It's when we get to see lives changing and thriving, it warms the heart, highlighting the depth of the change that BharatPe is making in a very real and tangible way. We are here to talk about a tea stall owner from Lucknow who went from being a roadside tea stall vendor to now owning his new tea showroom, all the while sharing India’s favorite beverage- tea!
Shambhu, a Lucknow resident for over 10 years, originally is from Jharkhand. At the tender age of 15 years, Shambhu had to leave his education to help his father with his tea stall. Why? The helping hands in the tea stall kept leaving and never coming back. However, his fate was put to test when after a family tiff, Shambhu was forced to stop working for his father and he set up his own tea stall instead, around 2- 2.5 years back.
Shambhu Tea Stall in Patrakarpuram Road, Gomti Nagar, Lucknow is now a familiar name, but owning a roadside tea stall was less than ideal, as one would imagine. He had to battle monetary problems as well as the elements of nature, as a rainy day might mean the shop not opening for business for the day. His earnings were meagre and he was struggling to make ends meet. That is when he applied for his first loan via the BharatPe app. The loan helped him stand on his feet and open a proper tea stall. He applied for a second loan of Rs. 2.20 lacs to further expand his business. Being associated with BharatPe for almost two years Shambhu claims that his life has turned around, and he is now earning around Rs 1 lakh per month.
Sometimes all that stands between one person and his dreams is a helping hand, and BharatPe was all the helping hand Shambhu needed to make it big. The two loans helped the roadside tea stall vendor become a business owner and helped make his dreams a reality. Apart from the loan, the BharatPe Swipe machine and UPI QR have helped his customers with payment flexibility. Hassle-free loan application and the option to repay the loan in easy daily installments have ensured that Shambhu doesn't have to struggle with anything.
And that is just one story. Whether it's your neighborhood tea stall or your corner grocery store, everybody has the potential to realize their dreams especially with BharatPe standing strong by their side.