Bangalore-based fintech startup Simpl has announced it has recorded the highest growth of over 700 percent from the entertainment segment during the period of January -March 2022. Increase from rentals recorded the second-highest growth with 500 percent, electronics at 361 percent and e- commerce/marketplace at 300 percent during the same quarter.
Commenting on the growth trajectory, Nitya Sharma, CEO & Co-Founder, Simpl said, “We have achieved these high volumes on the back of strong consumer demand. This has encouraged us to add new verticals to our existing product portfolio attuned to evolving customer expectations, changing merchant requirements, and dynamic market scenarios. We are committed to capturing new growth opportunities through a delightful customer-merchant payments experience.”
During the January-March quarter, other segments that reflected good growth were services, followed by travel, fashion accessories, utility, and apparels. The gifting segment also performed well along with domains such as commute and beauty and wellness during this period.
Simpl believes that consumer-demand-driven domains such as entertainment, electronics, foods, groceries, pharmacy, health & wellness, and essentials will continue to drive transaction volumes in 2022. India’s pay later company will focus on product expansions and feature extensions along the value chain to enhance the payments experience for stakeholders, it said in a statement.