In a remarkable financial turnaround, BharatPe, the Indian fintech unicorn embroiled in legal disputes with its former Managing Director Ashneer Grover, has reported a staggering 182% increase in standalone revenue for the fiscal year 2022-23. The company’s revenue surged to INR 904 Cr from INR 321 Cr in the previous fiscal year, attributing the growth to strategic advancements across its key business segments.
Notably, BharatPe’s loss before tax witnessed a substantial 84% reduction, narrowing down to INR 886 Cr in FY23 from a staggering INR 5,594 Cr in FY22. The positive trend continued as the company reported a decline in EBITDA loss by approximately INR 158 Cr in the same fiscal year.
While the net loss for the reported period remains undisclosed, BharatPe’s consolidated figures, which include the financial performance of subsidiaries such as Resilient Capital Private Limited and Loyalty Solutions & Research Private Limited, also showed significant improvement.
BharatPe’s merchant lending division saw a remarkable 129% increase in loans facilitated, reaching INR 5,339 Cr in FY23. Additionally, the Swipe business experienced a 63% surge in total payment volume, coupled with the installation of approximately 8 Lakh new soundbox devices during the fiscal year.
Nalin Negi, CFO and interim CEO at BharatPe, emphasized the company’s strategic focus on sustained profitability, scaling lending, POS, and soundbox businesses, along with the launch of new merchant-centric products. Negi expressed commitment to building a sustainable business and fostering financial inclusion.
As of now, BharatPe boasts a registered network of over 1.3 Cr merchants across more than 450 cities, processing over 370 Mn UPI transactions. The fintech unicorn claims to have facilitated loans exceeding INR 12,400 Cr in partnership with NBFCs. Moreover, BharatPe’s POS business handles payments of over INR 29,000 Cr annually on its machines.
Backed by prominent investors such as Peak XV Partners, Ribbit Capital, Insight Partners, and Tiger Global, BharatPe has raised over $583 Mn in equity funding. The recent achievement of turning EBITDA positive in October and surpassing the INR 1,500 Cr annualized revenue mark in FY24 reflects the company’s resilience and growth trajectory in the dynamic fintech landscape.
