New Delhi-based fintech startup BharatPe has reported a 182% increase in its revenue for the fiscal year 2023, reaching Rs 904 crore, up from Rs 321 crore in FY22.
Reduction in losses and EBITDA improvement
Besides revenue, The company has also reported a substantial reduction in its loss before tax, which dropped by 84% to Rs 886 crore in FY23 from Rs 5,594 crore in FY22.
Additionally, BharatPe noted a decrease in its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) loss by approximately Rs 158 crore, indicating a move towards financial sustainability.
Lending and POS business growth
A key driver of BharatPe’s growth is its merchant lending division, which saw a 129% 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.
The company’s POS solution, Swipe, experienced a 63% surge in total payment volume (TPV), and the firm installed around 8 lakh new soundbox devices during the fiscal year. The company claims that annually its POS business processes payments of over Rs 29,000 crore.
Focusing on sustained profitability
“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,” said Nalin Negi, CFO and Interim CEO, BharatPe in a statement.
The fintech startup has raised over $583 million in equity from notable investors like Peak XV Partners, Ribbit Capital, and Tiger Global. The company turned EBITDA positive in October 2023, with an annualized revenue of Rs 1,500 crore.
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