In August 2023, Fintech unicorn BharatPe achieved its highest-ever gross revenue, amounting to $23.5 million, primarily attributed to its lending business and expansion into services like Point of Sale devices. This growth is significant for the company’s plans to go public, especially following the dramatic events of the previous year, which included the controversial exit of co-founder Ashneer Grover.
The company also reported an annualized revenue run rate (ARR) of $282 million in August 2023, reflecting a 5.4-fold increase compared to August 2021 when it raised its Series E round of $370 million. While this demonstrates impressive growth, it’s important to note that gross revenue doesn’t equate to operating revenue, which the company hasn’t disclosed for FY23.
BharatPe is experiencing steady revenue growth, yet it reported an Ebitda burn of around $1.3 million in August. The company incurred a substantial loss of Rs 5,594 crore in FY22, attributing much of it to accounting norms. However, it aims to achieve a positive Ebitda by October 2023.
BharatPe’s lending business is thriving, with Assets Under Management (AUM) reaching $85 million by August 2023. The company is exploring new revenue streams through its Personal Loan – Direct Selling Agent (PL DSA) for BharatPe.
Additionally, BharatPe’s active merchant base has grown significantly, from 1.8 million in 2021 to 3.1 million in August 2023. The company’s acquisition of a majority stake in Trillion Loans and the growth of its merchant lending vertical have contributed to its swelling loan book.
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BharatPe is a notable player in the Point of Sale (PoS) device market, with plans to expand its PoS business further by introducing customized solutions for various industry segments. Other major players like Paytm and PhonePe are also competing in this space. The company’s interim CEO, Nalin Negi, has made strategic hires to strengthen the team following the leadership disputes and departures, including that of co-founder Ashneer Grover and CEO Suhail Sameer.
