Bankit to partner with 1L kirana stores in Telangana, Andhra Pradesh

Hyderabad: BANKIT, a leading fintech startup has announced tie-up with over 1 lakh kirana outlets in FY2022 to strengthen its presence in both the Telugu States. These outlets will include local shops such as medical stores, recharge shops, and grocery shops. Over the past few months, the company has witnessed the growth by expanding its hyperlocal delivery potential by increasing its business footprint by 50 per cent in the State. Currently, the company is present in 29 States and boasts of over 17,500 operational outlets in Telangana and Andhra Pradesh which are present in more than 50 per cent villages and towns of both the States. So far, the company has served over 75 lakh customers, with 8,600 agents being onboarded between the period April 21 and October 2021.

To enhance its brand presence, the company is also extending new product/ service lines in Telangana with online payment options such as accepting payments through UPI for its customers and to provide seamless services, they deployed 3,800 MicroATMs in Telangana in the last six months while raking in a Gross Transaction Value (GTV) of Rs 11,000 crore alone from Agents in the State. The company plans of registering a projected GTV of Rs 35,000 crore in Telangana next year.

On the expansion plan, Amit Nigam, COO & Executive Director at BANKIT said, "The last two years have been a real rollercoaster ride for the entire fintech ecosystem. This period has beckoned us to reevaluate our policies and processes to cope better with the post-pandemic turbulence. Having already carved a Pan-India presence, we are now focusing on enhancing our operations in the states of Telangana and Andhra Pradesh."