BharatPe FY24 Revenue Surges To INR 1,426 Cr

BharatPe has said that its consolidated revenue from operations grew 39% to INR 1,426 Cr in the financial year 2023-24 (FY24) from INR 1,029 Cr in FY23. 

In a statement, the Peak XV Partners-backed fintech unicorn claimed the consolidated EBITDA loss, excluding share based payment expenses, declined 75% to INR 209 Cr from INR 826 Cr in FY23. 

The startup claimed that its pre-tax loss halved to INR 474 Cr during the year under review from INR 941 Cr in FY23, while its net loss declined by 47% to INR 492 Cr in FY24 from INR 927 Cr in FY23. 

BharatPe said it managed to slash its cash burn by 85% in FY24. Meanwhile, its lending portfolio, catering primarily to merchants, saw a 40% year-on-year (YoY) growth. 

BharatPe said it expanded its payments offerings by introducing an Android POS system, and added that its soundbox devices continued to gain traction in the market in FY24.

It is pertinent to note that in April this year, the unicorn launched an ‘all-in-one’ payment device ‘BharatPe One’ that integrates point-of-sale (PoS), QR code scanner, and speaker.

Commenting on the financial performance in FY24, BharatPe CEO Nalin Negi said, “… we considerably slashed our cash burn in FY24 and are on track to build a sustainable and profitable business… Going forward, we will focus on growing our lending vertical, launching new offerings across POS, soundbox, and scaling our consumer vertical.”

It must be highlighted that BharatPe earlier claimed that it turned EBITDA positive in October 2023.

Recently, BharatPe settled its two-year-long legal dispute with its former managing director Ashneer Grover, bringing to an end the two-year battle. 

Founded in 2018, BharatPe claims to have a registered network of over 1.3 Cr merchants across 450 cities. The startup has facilitated disbursement of loans of over INR 12,400 Cr till date in partnership with NBFCs.

The fintech unicorn provides a technology platform and various digital services to its users and earns revenue from transaction and service fee, and allied payments. It acts as a lending services provider (LSP) for its financing partners and also provides digital services to its merchants. 

BharatPe has also started offering UPI payment and bill payment services, and seems to be on track to become a super app.

It has raised a total funding of about $830 Mn till date and counts the likes of Peak XV, Ribbit Capital, Beenext, among others, as its investors.