BharatPe Enters The Breakeven Zone, Dozee Nets INR 71 Cr & More

BharatPe Enters The Breakeven Zone

Having shifted its focus from the boardroom drama blotting its image, BharatPe is finally on track to profitability. As per rating agency Ind-Ra, the fintech unicorn broke even on an adjusted EBITDA level in the first nine months of FY25. 

The Numbers Game: It noted that BharatPe reported a consolidated net loss of INR 149 Cr in the first three-quarters of FY25. In contrast, the fintech incurred losses of INR 492 Cr and INR 927 Cr in FY24 and FY23, respectively. 

Lending Saves The Day: The unicorn’s NBFC arm, Trillion Loans Fintech, clocked a profit of INR 29.7 Cr during the period. While assigning a ‘BBB+’ rating with a stable outlook, the rating agency said that the NBFC has seen its loan book surge to INR 1,154.5 Cr in the first three quarters of FY25 from INR 869.5 Cr in FY24.

A Change Of Fortunes? When ex-GE Capital Services executive Nalin Negi took over as BharatPe’s interim CEO in 2022, the unicorn’s public image was taking a beating due to a feud between ex-MD Ashneer Grover and investors. Under Negi, BharatPe’s revenues surged 182% YoY to INR 1,029 Cr in FY23 while achieving an EBITDA-positive month in October 2023. This augurs well for the fintech major, which is looking to list on the bourses in the next 18-24 months. 

But, BharatPe still has plenty to prove — from turning profitable and growing sustainably to making a real case for its super app ambitions. For now, let’s take a closer look at what helped BharatPe hit this milestone and whether it can sustain the momentum ahead of its planned IPO. Read on as we unpack the key business levers driving this turnaround.

From The Editor’s Desk

SEBI Keeps WeWork India’s IPO On Hold: The market regulator has kept the IPO-bound coworking startup’s DRHP in ‘abeyance’. WeWork India’s IPO comprised an offer-for-sale component of about 4.3 Cr equity shares with a face value of INR 10 each. 

Dozee Nets INR 71 Cr: The healthtech startup has raised INR 6.3 Cr in equity from C3H and an additional INR 58.5 Cr in debt from Stockhausen International. The startup’s contactless patient monitoring systems help clinical staff virtually monitor patients.

Ola Electric Settles With Vendor: Ola Electric Technologies, a subsidiary of the listed EV maker, has settled all its pending dues amounting to INR 26.75 Cr with Rosmerta Digital Services. Meanwhile, Rosmerta has revoked its insolvency plea.

PhonePe Enters Vehicle Insurance Space: Doubling down on its insurtech offerings, the Walmart-backed fintech major has partnered with a clutch of insurers to roll out a new vehicle insurance plan for two-wheelers and four-wheelers.

Pilgrim’s FY24 Revenue Zooms: The D2C personal care brand’s operating revenue surged 160% to INR 198.8 Cr in FY24 from INR 76.5 Cr in the previous fiscal year. However, its net loss also increased by 14% YoY to INR 26.3 Cr in the fiscal under review. 

Grow Indigo Bags $10 Mn: The agritech startup has secured the investment from British International Investment. The startup offers sustainable solutions to boost farmers’ income, enhance product quality and reduce resource wastage.

Observe.AI Buys Dubdub.ai: The US-based GenAI startup has acquired the Bengaluru-based startup. The move will enable Observe. AI to leverage Dubdub.ai’s language library and boost its conversational AI platform.

Apna Mart Eyes $25 Mn: The quick commerce startup is looking to raise the capital in a round led by Nandan Nilekani-led Fundamentum Partnership. The franchisee-driven startup offers quick grocery deliveries in under 15 minutes in Tier II and III cities.

Inc42 Startup Spotlight

Can LightFury Build India’s First PUBG-Scale AAA Game?

You don’t have to be a hardcore gamer to know where India stands in the AAA gaming universe. While many have dreamt of putting the nation on the global stage alongside gaming powerhouses like the US, Japan, and Canada, little has been achieved.

So, what is holding Indian game developers back from turning their dreams into reality? One major factor is the capital-intensive nature of the industry. The technology required to develop AAA games costs Indian studios and publishers an arm and a leg. Among other hurdles, there’s also the challenge of finding skilled talent.

Aware of the risks, the erstwhile Unacademy CMO and partner, Karan Shroff is hell-bent on developing AAA games from India for the world.

In his quest, he launched his gaming studio, LightFury Games, in Bengaluru last year. The studio is working on launching E-Cricket, a real-time multiplayer AAA game, by early next year. 

The startup primarily focusses on mobile. However, it is not limited to that and aims to create a cross-platform experience. As of now, the founders plan to launch E-Cricket in all major cricket-playing markets, including regions with a strong cricket following such as the Middle East. 

Backed by Blume Ventures, MIXI and Gemba Capital, the startup is working on exploring different monetisation models that make sense for each platform while ensuring a fair system without pay-to-win mechanics.