Fintech firm BharatPe said that its revenue from operations rose 182 per cent year-on-year to Rs 904 crore in FY23, while loss before tax fell to Rs 886 crore from Rs 5,594 crore during in FY23 due to overall growth across its segments.
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The fintech platform also recorded a decrease in its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) loss by approximately Rs 158 crore. BharatPe turned EBITDA positive in October, clocking annualised revenue of Rs 1,500 crore
BharatPe said it reported a 129 per cent increase in loans facilitated, reaching Rs 5,339 crore in FY23. The company has so far facilitated over Rs 12,400 crore loan disbursement in partnership with NBFCs.
Under its BharatPe Money services, the company facilitates loans in partnership with various NBFCs such as L&T Finance, Aditya Birla Capital, Piramal Finance, and more.
“The significant growth across our business verticals, coupled with improved financial metrics, underscores our commitment to creating value for our merchants and stakeholders. These results are a testament to the hard work and dedication of our team, as well as the trust and support of our valued customers,” said Nalin Negi, CFO and interim CEO, BharatPe.
The company asserted that its strategic focus going forward is on sustained profitability, scaling lending, and launching new merchant-centric products.
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“Going forward, our strategic focus is on sustained profitability, scaling lending, POS, and soundbox businesses, and launching new merchant-centric products. We are committed to building a sustainable business, fostering financial inclusion, nurturing our partnerships and establishing BharatPe as a leading merchant-first fintech company in the country,” Negi added.
The company also noted a 63 per cent increase in TPV (total payment volume) for its POS solution Swipe and installation of around 8 lakh new soundbox devices in FY23. The fintech platform also introduced revenue streams, including QR usage, credit card bill payments, and utility payments, as it chased innovation and diversification as per the release.
“Swipe business experienced a remarkable 63 per cent increase in TPV, and the installation of approximately 8 lakh new soundbox devices in FY23 highlights BharatPe’s continuous efforts to expand its presence and drive financial inclusion as well as adoption of digital payments across the country ” it said.
Founded in 2018, BharatPe has Coatue, Ribbit Capital, Tiger Global, Peak XV partners (previously Sequoia Capital India) as its investors. BharatPe has over 1.3 crore merchants in its network across more than 450 cities, processing over 370 million UPI transactions.
