Fintech unicorn BharatPe has reported an 182% increase in revenue from operations to INR 904 Cr in FY23 from INR 321 Cr in the previous fiscal year, helped by growth and strategic advancements across its key business segments.
The startup, which is continuing its legal battle with its former MD Ashneer Grover, also said that its loss before tax has narrowed 84% to INR 886 Cr in FY23 from INR 5,594 Cr in FY22.
Meanwhile, BharatPe’s EBITDA loss also declined by about INR 158 Cr in FY23, it said in a statement.
BharatPe’s merchant lending division witnessed a 129% increase in loans facilitated, reaching INR 5,339 Cr in FY23. Meanwhile, the startup’s Swipe business saw a 63% increase in total payment volume and installation of approximately 8 Lakh new soundbox devices in FY23, it claimed.
“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…,” said Nalin Negi, CFO and interim CEO at BharatPe.
Recently, the Peak XV-backed fintech platform claimed to have turned EBITDA positive in the month of October while its annualised revenue crossed INR 1,500 Cr in FY24.
The post BharatPe Revenue Up By Nearly 3X In FY23, Earns INR 904 Cr Against INR 886 Cr Loss Before Tax appeared first on Inc42 Media.
