BharatPe Achieves Adjusted EBITDA Breakeven In Apr-Dec FY25

SUMMARY

The fintech unicorn posted a consolidated net loss of INR 149 Cr in 9M FY25 as against a loss of INR 492 Cr in the entire FY24

BharatPe broke even on adjusted EBITDA level in 9M FY25, as NBFC arm Trillion Loans continued to demonstrate stability in terms of profitability

Trillion Loans, which reported a profit of INR 29.7 Cr in 9M FY25, received a ‘BBB+’ rating with a stable outlook from Ind-Ra on bank loans worth INR 250 Cr

Fintech unicorn BharatPe posted a consolidated net loss of INR 149 Cr and achieved breakeven on an adjusted EBITDA level in the first nine months of FY25 (9M FY25), ratings agency India Ratings and Research (Ind-Ra) said.

In a statement to Inc42, a BharatPe spokesperson said the company has been EBITDA positive for the past nine months and is on track to achieve full-year EBITDA profitability in 2025.

BharatPe clocked revenue of INR 1787.7 Cr in 9M FY25, surpassing INR 1534.4 Cr revenue it recorded during FY24, they said.

In January, BharatPe CEO Nalin Negi had said that the company was eyeing EBITDA profitability in FY25 ahead of its planned initial public offering (IPO).

The fintech major had reported a net loss of INR 492 Cr and INR 927 Cr in FY24 and FY23, respectively.

At the same time, BharatPe’s non-banking finance company (NBFC) arm Trillion Loans Fintech is demonstrating stability in terms of profitability. BharatPe acquired a 51% stake in Trillion Loans in 2023 and raised its shareholding to 62.3% as of January 31, 2025. It aims to acquire a 100% stake in the subsidiary in the next three years.

Trillion Loans reported a profit of INR 29.7 Cr in 9M FY25 as against INR 36.5 Cr in FY24, as per BharatPe’s provisional consolidated financial statements seen by Ind-Ra. The non-banking lending company had reported a loss of INR 15.3 Cr in FY23.

Trillion Loans Gets BBB+ Rating: Ind-Ra assigned ‘BBB+’ rating with a stable outlook to Trillion Loans’ bank loans worth INR 250 Cr, underlining that being a subsidiary of BharatPe gives the NBFC a competitive advantage.

BharatPe, via its lending service provider BharatPe Money, offers term loans to its merchants. It performs a preliminary assessment of merchants’ cash flows using QR code transaction data and other relevant parameters.

This assessment helps determine the creditworthiness of the merchants. Qualified leads (merchants deemed creditworthy) are then passed on to Trillion Loans.

This means Trillion Loans receives pre-qualified loan leads with a “sharp underwriting.” As BharatPe already does a significant portion of the credit risk assessment, it reduces Trillion Loans workload and potential losses. The creditworthiness analysis is based on actual cash flows, providing a more accurate picture of the merchants’ financial health, the agency said.

Ind-Ra also noted that Trillion Loans has grown its loan book significantly in the last three years since BharatPe acquired a controlling stake in the Mumbai-based NBFC in 2023. Trillion Loans’ loan book surged nearly 2X to INR 1154.5 Cr in 9M FY25 from INR 869.5 Cr in FY24 and INR 653.3 Cr in FY23.

BharatPe’s Super App Play: BharatPe, founded in 2018, launched India’s first UPI interoperable QR code, the first zero MDR payment acceptance service. In 2020, it also launched India’s only zero MDR card acceptance terminals.

Since then, it has forayed into several segments such as Buy Now Pay Later, wealthtech (Invest BharatPe). It has an ecommerce section on its platform, while it also offers UPI payments, bill payments and credit card repayment options. The startup also provides unsecured personal loans of up to INR 15 Lakh via NBFC partners such as L&T Finance, CASHe, and True Credit.

It has joined the super app race with all these offerings, following in the footsteps of PhonePe, CRED, Groww, Jio Financial Services, Google Play and Flipkart.

BharatPe is among the growing list of new-age tech companies that are looking to go public as they look to capitalise on India’s economic boom, access to a deeper pool of investors and better IPO prospects in the country.

According to CEO Negi, BharatPe is eyeing an IPO in the next 18-24 months. Fintech major PhonePe has also kicked off preparations for its IPO, though the timeline and issue size are unknown.

This comes at a time when India has emerged as a hotbed for new-age tech IPOs. Thirteen new-age tech ventures, including the likes of Swiggy, Ola Electric, Awfis and MobiKwik, made their stock market debut last year and cumulatively raised INR 29,000 Cr+ via their IPOs.

The IPO boom is expected to continue this year, with a number of new-age tech companies like Zepto, Smartworks, DevX, BlueStone and Ola Consumer expected to go public.

Editors Note: The article has been updated with a statement from a BharatPe Spokesperson.