BharatPe Achieves 182 Per Cent Surge in Revenue, Hits Rs 904 Crore in Fiscal Year 2023

Updated on: 26 December 2023 7:01 pm

The lending section will offer consumer and merchant services like BharatPe Easy Loans and BharatPe Consumer Face Postpe.

BharatPe To Unveil New Venture 'BharatPe Money' to Expand Lending Vertical: Report Photo: The lending section will offer consumer and merchant services like BharatPe Easy Loans and BharatPe Consumer Face Postpe.

Gurugram-based fintech BharatPe announced its financial performance for the fiscal year 2023. The fintech firm has recorded a 182 per cent increase in revenue from operations in FY23, from Rs 321 Crore in FY22 to Rs 904 Crore in FY23.

The company registered significant progress in reducing loss before tax, plunging from Rs. 5,594 crore to Rs 886 crore. Additionally, the EBITDA loss also decreased by approximately Rs 158 Crore.

In the lending vertical, BharatPe's Merchant Lending division witnessed remarkable growth, with a 129 per cent increase in loans facilitated (reaching Rs 5,339 Crore), the company said.

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BharatPe also introduced innovative revenue streams, including QR usage, credit card bill payments, and utility payments, showcasing dedication to innovation and diversification in its consumer business-postpe. On the other hand, Swipe business experienced a remarkable 63 per cent increase in TPV, and the installation of approximately 8 lakh new soundbox devices in FY23, the company added in its statement.

Nalin Negi, CFO and interim CEO of BharatPe said, “The significant growth across our business verticals, coupled with improved financial metrics, underscores our commitment to creating value for our merchants and stakeholders. These results are a testament to the hard work and dedication of our team, as well as the trust and support of our valued customers.”

Added Nalin, “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.”

The fintech founded in 2018 has secured a total of over $583 million in equity to date. The company boasts an impressive lineup of investors, including Peak XV Partners (formerly Sequoia Capital India), Ribbit Capital, Insight Partners, Amplo, Beenext, Coatue Management, Dragoneer Investment Group, Steadfast Capital, Steadview Capital, and Tiger Global.

BharatPe, in October this year claimed that it has turned EBITDA positive while its annualised revenue crossed Rs 1,500 Crore in FY24.