BharatPe's revenue jumps 182% YoY to Rs. 904cr in FY23
What's the story
Fintech unicorn BharatPe has reported a whopping 182% year-on-year (YoY) increase in revenue from operations, reaching Rs. 904 crore in FY23, up from Rs. 321 crore in FY22.
The company also managed to reduce its loss before tax by 84%, dropping to Rs. 886 crore from Rs. 5,594 crore during the same period.
This impressive financial performance for FY23 highlights the company's substantial growth and strategic advancements across key business areas.
Details
Focus on sustained profitability and scaling lending
Nalin Negi, CFO and Interim CEO of BharatPe, attributed the company's outstanding performance to significant growth across business verticals and improved financial metrics.
Negi stated, "Going forward, our strategic focus is on sustained profitability, scaling lending, POS, and soundbox businesses, and launching new merchant-centric products."
BharatPe aims to build a sustainable business, promote financial inclusion, nurture partnerships, and establish itself as a leading merchant-first fintech company in India.
What Next?
Merchant lending division and swipe business witness remarkable growth
In FY23, BharatPe's merchant lending division saw a 129% increase in loans facilitated, reaching Rs. 5,339 crore.
The Swipe business also saw a 63% increase in total payment volume (TPV) and installed around eight lakh new soundbox devices during the same period.
These developments showcase BharatPe's ongoing efforts to expand its presence and promote financial inclusion and digital payment adoption across India.
Insights
EBITDA loss declines and introduction of new revenue streams
The fintech unicorn reported a decline in EBITDA loss by approximately Rs. 158 crore in FY23, reflecting focused efforts toward financial sustainability.
BharatPe introduced new revenue streams such as QR usage, credit card bill payments, and utility payments as it pursued innovation and diversification.
The company recently claimed to have turned EBITDA positive in October and its annualized revenue crossed Rs. 1,500 crore in FY24.