BharatPe Logs Nearly 3-Fold Revenue Growth In FY23, Trims Losses
Fintech unicorn BharatPe on Tuesday announced that its revenue from operations climbed 182 per cent year-on-year to Rs 904 crore in FY23, while loss before tax fell to Rs 886 crore from Rs 5,594 crore during the period.
BharatPe, in a release, said its financial performance for the fiscal year 2023, showcased substantial growth and strategic advancements across key business segments.
The company asserted that its strategic focus going forward is on sustained profitability, scaling lending, and launching new merchant-centric products.
"The fintech firm recorded 182 per cent increase in revenue from operations in FY23, from Rs 321 crore in FY22 to Rs 904 crore in FY23," the release said.
According to the company, a significant progress was made in reducing loss before tax, which plunged from Rs 5,594 crore to Rs 886 crore.
"Additionally, the EBITDA loss also decreased by approximately Rs 158 crore, showcasing focused efforts towards financial sustainability," the release said.
In the lending vertical, BharatPe said its merchant lending division witnessed remarkable growth, with a 129 per cent increase in loans facilitated (reaching Rs 5,339 crore) "emphasizing BharatPe's commitment to empowering merchants".
BharatPe also introduced revenue streams, including QR usage, credit card bill payments, and utility payments, as it chased innovation and diversification as per the release.
"On the other hand, Swipe business experienced a remarkable 63 per cent 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 " it said.
Nalin Negi, CFO and Interim CEO, BharatPe, said the company's performance was exceptional and that significant growth across business verticals, coupled with improved financial metrics, underscores BharatPe's commitment to creating value for merchants and stakeholders.
"Going forward, our strategic focus is on sustained profitability, scaling lending, POS, and soundbox businesses, and launching new merchant-centric products," Negi said.
BharatPe, he said, is committed to building a sustainable business, fostering financial inclusion, nurturing partnerships and establishing itself as a leading merchant-first fintech company in the country.