BharatPe's Revenue Surges 182% To Rs 904 Cr In FY23
BharatPe, a fintech unicorn, has recorded an impressive 182 per cent surge in revenue from operations, reaching Rs 904 Cr in FY23 compared to Rs 321 Cr in the previous fiscal year. This substantial growth stems from strategic advancements across its primary business segments.
Despite ongoing legal disputes with its former MD, Ashneer Grover, the startup disclosed a significant reduction in loss before tax, down by 84 per cent to Rs 886 Cr in FY23 from Rs 5,594 Cr in FY22. Additionally, BharatPe reported a decline of approximately Rs 158 Cr in EBITDA loss for FY23.
In specific business divisions, BharatPe observed notable achievements. Its merchant lending division facilitated a 129 per cent increase in loans, reaching Rs 5,339 Cr in FY23. The Swipe business experienced a 63 per cent surge in total payment volume and successfully installed around 800,000 new soundbox devices during the fiscal year.
Nalin Negi, CFO and interim CEO at BharatPe, emphasised the strategic agenda focused on sustainable profitability, expansion of lending, POS and soundbox businesses, and the introduction of merchant-centric products. The company is dedicated to fostering financial inclusion and building a robust, enduring business model.
Recent claims by the Peak XV-backed fintech platform indicate achieving Earnings Before Interest, Taxes, Depreciation and Amortisation (Ebitda) positivity in October, with an annualised revenue crossing Rs 1,500 Cr in FY24.
The original article, titled "BharatPe Revenue Up By Nearly 3X In FY23, Earns Rs 904 Cr Against Rs 886 Cr Loss Before Tax," was published on Inc42 Media.
