BharatPe, a fast-growing fintech firm, has seen significant growth over the past three fiscal years. Its revenue jumped from Rs 119 crore in FY21 to Rs 1,426 crore by the fiscal year ending March 2024. This rapid rise highlights the company’s solid progress in the Indian financial sector.
Revenue and Losses: Key Highlights
In its FY24 consolidated annual report, BharatPe reported a 39% increase in revenue compared to FY23. The revenue grew from Rs 1,029 crore in FY23 to Rs 1,426 crore in FY24. At the same time, the company made huge strides in cutting its losses. It reduced consolidated losses by 50%, from Rs 941 crore in FY23 to Rs 474 crore in FY24.
Merchant Lending and EBITDA Milestone
BharatPe’s merchant lending portfolio grew by 40% year-on-year, showcasing the company’s focus on supporting merchants with loans. The fintech company also achieved positive EBITDA in October 2023, an important milestone in its path to profitability.
CEO’s Vision for the Future
CEO Nalin Negi shared the company’s vision for future growth, saying, “We have reduced our cash burn significantly in FY24 and are committed to building a sustainable and profitable business. Partnering with renowned financial institutions has helped us offer better credit access to merchants. Moving forward, we plan to grow our lending vertical and launch new products in areas like POS and soundbox systems.”
Diversifying to Expand the Business
BharatPe has also diversified its offerings to boost its business. One major move was rebranding its PostPe app to BharatPe, marking its entry into the consumer payments market. This brings BharatPe into competition with big players like PhonePe, Google Pay, and Paytm in the P2P payments space.
The company has also started secured lending for merchants, offering two-wheeler loans through OTO Capital and loans against mutual funds through Vol Money.
Resolving Past Disputes
In addition to business growth, BharatPe resolved its dispute with former co-founder Ashneer Grover, allowing the company to focus on its future without distractions.
BharatPe’s growth and strategic moves show that the company is well on its way to becoming a major player in the Indian fintech sector.
