BharatPe records 182% growth in revenue in FY23, EBITDA loss reduced by Rs 158 Cr
- EBITDA loss also decreased by approximately Rs 158 crores
BharatPe, India’s leading name in fintech, today announced its financial performance for the fiscal year 2023, showcasing substantial growth and strategic advancements across key business segments. The fintech firm recorded 182% increase in revenue from operations in FY23, from Rs 321 Cr in FY22 to Rs 904 Cr in FY23. A significant progress was made in reducing loss before tax, plunging from Rs. 5,594 Cr to Rs 886 Cr. Additionally, the EBITDA loss also decreased by approximately Rs 158 Cr, showcasing focused efforts towards financial sustainability.
In the lending vertical, BharatPe’s Merchant Lending division witnessed remarkable growth, with a 129% increase in loans facilitated (reaching Rs 5,339 Cr), emphasizing BharatPe’s commitment to empowering merchants. BharatPe also introduced innovative revenue streams, including QR usage, credit card bill payments, and utility payments, showcasing dedication to innovation and diversification in its consumer business-postpe. On the other hand, Swipe business experienced a remarkable 63% increase in TPV, and the installation of approximately 8 lakh new soundbox devices in FY23 highlights BharatPe’s continuous efforts to expand its presence and drive financial inclusion as well as adoption of digital payments across the country.
Speaking on the milestone, Nalin Negi, CFO and Interim CEO, BharatPe, said, “We are thrilled to announce yet another year of exceptional performance at BharatPe. 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.”
Added Nalin, “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.”
About BharatPe Group
BharatPe was founded in 2018 to make financial inclusion a reality for Indian merchants. In 2018, BharatPe launched India’s first UPI interoperable QR code, the first zero MDR payment acceptance service. In 2020, post-Covid, BharatPe also launched a card acceptance terminal – BharatPe Swipe. Currently with a registered network of over 1.3 crore merchants across 450+ cities, the company is one of the leading players in UPI offline transactions, processing 370 million+ UPI transactions. The company processes payments of annualized Transaction Processed Value of over Rs. 1.7 Lac Crores. The company has already facilitated the disbursement of loans of over Rs. 12,400 crores, in partnership with NBFCs. BharatPe’s POS business processes payments of over Rs. 29,000 crores annually on its machines. BharatPe has raised over US$ 583 million in equity till date. The company’s list of marquee investors includes Peak XV Partners (formerly known as Sequoia Capital India), Ribbit Capital, Insight Partners, Amplo, Beenext, Coatue Management,Dragoneer Investment Group, Steadfast Capital,Steadview Capital and Tiger Global. In June 2021, the company announced the acquisition of PAYBACK India (Rebranded to Zillion), the country’s largest multi-brand loyalty program company with 100 million+ members. In October 2021, the consortium of Centrum Financial Services Limited (Centrum) and BharatPe, was issued a Small Finance Bank (SFB) license by the Reserve Bank of India (RBI). BharatPe also entered the Buy Now Pay Later (BNPL) segment with the launch of postpe in October 2021. postpe has over 15 million downloads. In January 2023, BharatPe Group received an in-principle nod from the Reserve Bank of India (RBI) to operate as an online payment aggregator. BharatPe is also a promoter in TrillionLoans, a renowned NBFC (Non- Banking Financial Company). For more details, please visit- https://bharatpe.com/
