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BANKIT to onboard 1 lakh Kirana stores in Telangana & Andhra Pradesh by FY22

Leading Fintech startup, Bankit has announced its plan to tie up with over 1 lakh Kirana stores in Telangana and Andhra Pradesh by the Fiscal year 2022.

These outlets will include local shops such as medical stores, recharge shops, grocery shops, etc. 

“Over the past few months, the company has witnessed the maximum growth by managing to expand its hyperlocal delivery potential by increasing its business footprint by 50% in the state,” the statement said.

Currently, BANKIT 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% of villages and towns of both states. Till now, the company has served 75 lakh+ customers, with 8,600 agents being onboarded between the period April 21 and October 21. 

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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 the state of Telangana during the last six months while raking in a Gross Transaction Value (GTV) of Rs 11,000 crore alone from Agents in the State.

Furthermore, the company envisions registering a projected GTV of Rs 35,000 Crores in Telangana next year.   

Speaking 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.”

“Our efforts have been vastly fruitful as we have managed to penetrate even the remotest corners of these states in an attempt to build a solid fintech framework in the tier-3 and tier-4 cities of these regions. We are supremely confident that this is merely the start of a lasting and amazing journey towards creating a financially empowered Bharat,” Nigam added.     

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