Fintech unicorn BharatPe announced that its revenue from operations surged to Rs 904 crore in FY23, indicating a 182% year-on-year growth. Despite the positive increase, the losses incurred by the startup remained substantial, amounting to over Rs 800 crore. However, the losses before tax reduced to Rs 886 crore in FY23 from Rs 5,594 crore in FY22. BharatPe’s Chief Financial Officer and interim CEO, Nalin Negi, outlined the company’s focus on achieving sustained profitability moving forward.
Earlier, BharatPe had shared that it became EBITDA positive in October 2023. EBITDA, which stands for earnings before interest, taxes, depreciation, and amortisation, is a crucial metric for operational profitability. During FY23, the startup managed to reduce its EBITDA losses by approximately Rs 158 crore. While further details were not disclosed, it is evident that BharatPe is aiming to control expenses and move towards profitability, aligning with the current trend of investors prioritizing financially prudent firms.
BharatPe’s lending vertical also experienced notable success, with the merchant lending division witnessing a 129% increase in loan disbursements during FY23. According to Nalin Negi, this growth across various business verticals and improved financial metrics reflects the company’s commitment to creating value for its merchants and stakeholders. Additionally, BharatPe plans to introduce new merchant-centric products in the future.
Notably, BharatPe, which is backed by investors such as Peak XV Partners, Ribbit Capital, and Insight Partners, last raised $370 million in 2021, valuing the startup at $2.8 billion.
