BharatPe Revenue Up By Nearly 3X In FY23, Earns INR 904 Cr Against INR 886 Cr Loss Before Tax

SUMMARY

BharatPe’s loss before tax has narrowed to INR 886 Cr in the reported year from INR 5,594 Cr in FY22

Its EBITDA loss also declined by about INR 158 Cr in FY23, said the fintech unicorn in a statement

BharatPe recently claimed to have turned EBITDA positive in the month of October

Fintech unicorn BharatPe reported an 182% increase in standalone revenue from operations to INR 904 Cr in FY23 from INR 321 Cr in the previous fiscal year, helped by growth and strategic advancements across its key business segments.

In a statement, the startup, which is continuing its legal battle with its former MD Ashneer Grover, also said that its loss before tax narrowed 84% to INR 886 Cr in FY23 from INR 5,594 Cr in FY22.

BharatPe’s EBITDA loss also declined by about INR 158 Cr in FY23, it said in a statement. However, the startup did not disclose its net loss for the reported period.

BharatPe posted a consolidated operating revenue of INR 456.8 Cr in FY22 and a net loss of INR 5,610.7 Cr in FY22.

The company’s consolidated figures would include financial performance of subsidiaries Resilient Capital Private Limited, Loyalty Solutions & Research Private Limited, Resilient Payments Private Limited, and NBFC Trillion Loans.

Meanwhile, BharatPe said its merchant lending division witnessed a 129% increase in loans facilitated, reaching INR 5,339 Cr in FY23. The startup’s Swipe business saw a 63% increase in total payment volume and installation of approximately 8 Lakh new soundbox devices in FY23, it claimed.

“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…,” said Nalin Negi, CFO and interim CEO at BharatPe.

The company currently claims to have a registered network of over 1.3 Cr merchants across more than 450 cities and process over 370 Mn UPI transactions. BharatPe also claims to have facilitated the disbursement of loans of over INR 12,400 Cr, in partnership with NBFCs to date. BharatPe’s POS business processes payments of over INR 29,000 Cr annually on its machines, it said.

Backed by the likes of Peak XV Partners, Ribbit Capital, Insight Partners, Beenext, Dragoneer Investment Group, Steadfast Capital, Steadview Capital, and Tiger Global, BharatPe has so far raised over $583 Mn in equity.

Recently, the fintech platform claimed to have turned EBITDA positive in the month of October while its annualised revenue crossed INR 1,500 Cr mark in FY24.