BharatPe Accounts Nearly Three-fold Revenue Growth in FY23 By CIOTechOutlook Team

BharatPe Accounts Nearly Three-fold Revenue Growth in FY23

CIOTechOutlook Team | Wednesday, 27 December 2023, 02:36 IST

BharatPe, a financial startup based in New Delhi, announced that its operating income increased by 182% year on year to Rs 904 crore in FY23, up from Rs 321 crore in FY22, while its loss before tax decreased from Rs 5,594 crore to Rs 886 crore over the same time.

The company's earnings before interest, taxes, depreciation, and amortisation (Ebitda) loss was decreased by approximately Rs 158 crore showcasing focused efforts towards financial sustainability, it said in a statement, as per economic times.

“The significant growth across our business verticals, coupled with improved financial metrics, underscores our commitment to creating value for our merchants and stakeholders,” said Nalin Negi, interim CEO of BharatPe.

According to the corporation, its merchant lending segment witnessed a 129% growth in facilitated loans, while its Swipe business saw a 63% increase in total payment value (TPV).

In addition, in FY23, it installed around 8 lakh new soundbox devices and launched new revenue sources such as QR usage, credit card bill payments, and utility payments.

BharatPe has handled over 370 million Unified Payments Interface (UPI) transactions and enabled loans totaling over Rs 12,400 crore in cooperation with non-banking financing companies (NBFCs) with a registered network of over 1.3 crore merchants across 450 locations in India.

Negi went on to say that the strategic focus is on long-term profitability, scaling loan, POS, and soundbox businesses, as well as launching new merchant-centric products.

On December 19, BharatPe looked to raise Rs 500 crore in debt in the coming year through unlisted non-convertible debentures (NCDs).

BharatPe has raised around $583 million in equity since its start, with notable investors including Peak XV Partners, Ribbit Capital, Insight Partners, Amplo, Beenext, Coatue Management, Dragoneer Investment Group, Steadfast Capital, Steadview Capital, and Tiger Global.