BharatPe’s FY22 revenue increases by 169% while its loss rises to Rs 5,594 billion
- ByStartupStory | January 6, 2023
Revenues for the fintech unicorn BharatPe increased by 169% from Rs 119 crore in FY21 to Rs 321 crore in FY22. Its losses did, however, increase to Rs 5,594 crore. The loss, according to the corporation, is the result of a drop in the fair value of the obligatory convertible preference shares.
“While our total loss for FY22 is Rs 5,594 crore, it includes an extraordinary item pertaining to loss in change in fair value of compulsory convertible preference shares amounting to Rs 4,782 crore. This is not an operating loss but only a change in the fair value (PY Rs 1,342 crore). Excluding this, operating loss is Rs 811 crore (PY Rs 277 crore).” BharatPe stated in a statement. This solely represents a change in fair value rather than an operating loss (PY Rs 1,342 crore). Operating loss is Rs 811 crore (PY Rs 277 crore) without this. PY stands for the prior year.
The business also stated that because it previously reclassified the mandatory convertible preference shares into equity from liability, this item is a “one-off” and will no longer be present as of the next year.
In addition, BharatPe disclosed that it would keep funding startups like PostPe and Swipe, both of which were founded roughly a year ago. The business also disclosed that the average monthly disbursement rate for all products is close to Rs 1,200 crore.
The statement read, “We facilitated disbursals of around Rs 4,500 crore in 2021-22 and are on track to do Rs 15,000 crore across the merchant and consumer side this year and remain on track to be operationally positive in the next few months.”
These figures are set against the backdrop of a significant reorganization taking place inside BharatPe’s leadership. Suhail Sameer, the firm’s CEO, is about to resign, the company revealed yesterday. He has been in charge of the company’s operations ever since co-founder Ashneer Grover was fired last year. Nalin Negi, the company’s CFO, will take over as the acting CEO while Sameer will become the new Chief Strategy Officer.
These modifications will take effect on January 7, 2023.
The announcements were announced on December 31 during the annual general meeting (AGM) of the fintech major. The couple Grover and Madhuri Jain Grover reportedly attended the AGM with “clear intent to disrupt the proceedings,” according to a number of media sources.
It is also significant to note that BharatPe accused Grover and his family members of misappropriating funds last month, among other things, by filing a civil lawsuit at the Delhi High Court and a criminal complaint with the Economic Offenses Wing. In order to prevent him from vesteding his 1.4% shares in the company, the fintech company also filed an arbitration claim under the regulations of the Singapore International Arbitration Centre (SIAC).
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