 "Nalin Negi, BharatPe")
Financial technology (fintech) firm BharatPe, which reported a profit in 2024-25 (FY25), is planning to raise capital ahead of a potential initial public offering (IPO) targeted after FY26, said its chief executive officer (CEO) Nalin Negi .
“It (IPO) is not going to happen in this financial year but anything after that is a fair game… There will be a pre-IPO (funding) round. When that happens is something that we will see,” Negi told Business Standard. He, however, did not mention a timeline or a quantum that it planned on fundraising.
He added that he will keep an eye on upcoming fintech IPOs to gauge the market perception with respect to the fintech space.
As a part of its broader strategy, BharatPe increased its stake in its non-banking financial company (NBFC) arm Trillionloans to 74 per cent, and plans to acquire complete ownership of the entity in the next two-to-three years. The remaining stake is owned by NDX Financial Services.
Trillionloans is promoted by BharatPe, which is the brand name of Resilient Innovations.
Ahead of a potential IPO, Negi said he aims to achieve a fully profit after tax (PAT)-positive business, with meaningful revenue contributions from other verticals, including online and offline payments as well as the consumer segment.
In January this year, Negi had said that the company had plans to list in 18-24 months.
Earnings FY25
This comes at a time when the company has reported a turnaround after it clocked profitability, posting ₹6 crore in adjusted profit before tax (PBT) in FY25 as compared to a loss of ₹342 crore in FY24.
The Delhi-based company said its Ebitda (earnings before interest, taxes, depreciation, and amortisation), excluding Esop (employee stock ownership) expense, grew to a ₹141 crore profit in FY25 as compared to an Ebitda loss of ₹209 crore in FY24.
The company reported an operating revenue of ₹1,667 crore in FY25, a 16.9 per cent increase from ₹1,426 crore it generated in FY24.
For BharatPe, around ₹1,000 crore in revenue comes from financial services. This includes revenue from lending through partnerships and its NBFC arm. The rest comes from payments, revenue from payment acceptance devices, among other things.
It plans to maintain a contribution mix of 60 per cent from financial services and 40 per cent from payments. Its NBFC arm contributes about 30 per cent of the total share of disbursements it does on a monthly basis.
“Trillion(loans) is one of the major partners for us to facilitate lending to BharatPe merchants. We intend to keep this percentage as we add more partners…,” Negi added.
The company has deployed around 120,000 point-of-sale (PoS) machines whereas it has a base of 1.7 million soundboxes.
Stake in Unity Small Finance Bank
Resilient Innovations has a 49 per cent stake in Unity Small Finance Bank. Regulatory requirements mandate the company to reduce its holding in the bank to 10 per cent by 2029, irrespective of the lender’s listing.
According to licensing requirements, BharatPe has to bring down its stake within eight years from the bank’s operations.
“We would like to sell in tranches. But if somebody comes in with a good enough offer, we are pretty okay to seriously consider selling a large stake,” Negi explained.
He added that the company still had time to take a call on the stake sale.
