BharatPe Reports Remarkable Financial Performance in FY23, Achieves 182% Growth in Revenue

• ByStartupStory     |    December 26, 2023

BharatPe, a leading name in India’s fintech sector, has announced its financial performance for the fiscal year 2023, demonstrating significant growth and strategic advancements across key business segments. The company recorded an impressive 182% increase in revenue from operations, rising from Rs. 321 crore in FY22 to Rs. 904 crore in FY23. Notably, BharatPe made substantial progress in reducing its loss before tax, which decreased from Rs. 5,594 crore to Rs. 886 crore. The company also saw a decrease of approximately Rs. 158 crore in EBITDA loss, reflecting its focused efforts towards achieving financial sustainability.

In its lending vertical, BharatPe’s Merchant Lending division experienced remarkable growth, witnessing a 129% increase in facilitated loans, reaching Rs. 5,339 crore. This underscores BharatPe’s commitment to empowering merchants. The company also diversified its revenue streams by introducing innovative services such as QR usage, credit card bill payments, and utility payments, demonstrating its dedication to innovation and expansion in the consumer business-postpe. Furthermore, BharatPe’s Swipe business reported a notable 63% increase in Total Payment Volume (TPV). The installation of approximately 8 lakh new soundbox devices in FY23 highlights the company’s ongoing efforts to expand its presence and promote financial inclusion through the adoption of digital payments nationwide.

Commenting on this achievement, Nalin Negi, CFO and Interim CEO of BharatPe, expressed his enthusiasm, stating, “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.”

Negi further added, “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.”

Follow Startup Story