BharatPe FY22 revenue grew four-fold to $100 mn, monthly cash burn at $4 mn

The fintech unicorn said its annualised TPV has grown 2.5x over the year-ago period to $16 billion at the end of the March quarter

4 min read Last Updated : Apr 08 2022 | 1:24 AM IST

With $400 million parked in the bank and a monthly cash burn rate of $4 million, fintech unicorn BharatPe said on Thursday that it does not have any immediate plans of raising capital. The company said that it recorded revenue growth of 4x in FY22 to $100 million and has set itself the goal of crossing $300 million in revenue by FY23 end.

“BharatPe registered the strongest quarter in its history. We have registered 4x growth in our overall revenue over the same period last year. On a sequential-quarter basis, the growth has been 30 per cent, despite the third wave of Covid-19,” the company said.

“Comparing month-on-month, all our metrics have grown at the fastest pace, i.e., merchant total payments value (TPV) has grown 17 per cent, consumer TPV 39 per cent, loans facilitated 31 per cent, and revenue 21 per cent in March 2022 over Feb 2022,” it added.

The fintech unicorn said that its annualised TPV has grown 2.5X over the year ago period to $16 billion at the end of the March quarter – and annualised TPV in payments through point of sales was $4 billion. POS contributes about 25 per cent to the overall payments TPV of the company and 60 per cent of its merchant user base are first time POS users, the company said.

The company shared information related to its various operating metrics and financials after its embattled BharatPe founder and former MD Ashneer Grover alleged that the fintech had seen its first quarter of de-growth in the March quarter.

Grover, who resigned from the company in March after his family was accused of financial irregularities, tweeted earlier in the day: “So I just heard BharatPe closed its first quarter of ‘degrowth’ and ‘maximum cash burn’ under able (sic) leadership of Rajnish Kumar and Suhail Sameer. ‘Chaabi chheenna and hatti chalana do alag alag skills hai!’ Ab Nani yaad aayegi (wresting control and actually running the show are two different things. Now they will understand) - markets are the ultimate test & truth”.

The company said that currently it facilitates loans worth around Rs 800 crore a month and aims to take that to Rs 20,500 crore a month by March 2023. Meanwhile, the number of merchants who have availed loans have almost doubled to 300,000 in FY22, up from 160,000 in FY21.

BharatPe’s buy now, pay later product PostPe which was launched last year is also growing at a fast pace as it facilitated credit worth $125 million in the March quarter, with a 2x QoQ growth. At the end of the last month, PostPe had 3.5 million users which had grown 2.5X compared to the previous quarter.

While sharing the metrics for the March quarter and FY22, the company said: “Going forward, we are tracking well to break even on our merchant business and further strengthen our consumer business."

BharatPe also said that it aims to turn profitable and go public in the next 18-24 months.

Meanwhile, the company said that for Unity Small Finance Bank, money from the RBI’s DICGC (Deposit Insurance and Credit Guarantee Corporation) has come in. “All those who were eligible for up to Rs 5 lakh have received their money. That is 97 percent of the depositors,” it added.