BharatPe earns Rs 904 cr against a loss before tax of Rs 886 cr in FY23

Fintech firm BharatPe on Tuesday said the company’s revenue increased to Rs 904 crore in financial year 2023 (FY23) from Rs 321 crore in FY22 on the back of growth across its business verticals.

The fintech platform, which is engaged in a legal battle with former MD Ashneer Grover, recorded a loss before tax of Rs 886 crore in FY23. Similarly, it had posted a loss of Rs 5,594 crore in FY22. The loss in FY22 included an item related to the loss in the change in fair value of Compulsorily Convertible Preference Shares (CCPS)  amounting to Rs 4,782 crore.

Meanwhile, BharatPe’s EBITDA loss declined by about Rs 158 crore in FY23, it said in a statement.

The Gurugram-based company said it facilitated loans amounting to Rs 5,339 crore in FY23. During the same period, it introduced revenue streams including QR usage, credit card bill payments, and utility payments.

The company deployed nearly 0.8 million soundbox devices in the market in FY23. Cumulatively, other major players in the segment such as Paytm and PhonePe have installed over 9 million and 2 million soundboxes in the market.

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“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,” said Nalin Negi, CFO and interim CEO, BharatPe.

The company said it will focus on business verticals such as lending, Point-Of-Sale (POS) and soundbox devices, and launch new merchant products.

“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,” Negi added.

BharatPe turned EBITDA positive in October, clocking annualised revenue of Rs 1,500 crore on the back of business growth across and reduced burn.

The company had said it was aiming at achieving profitability for a complete fiscal in the upcoming year.

Coatue, Ribbit Capital, Tiger Global, Peak XV partners (previously Sequoia Capital India) are among BharatPe’s investors.