Gurugram, December 26, 2023: BharatPe, India’s leading name in fintech, today announced its financial performance for the fiscal year 2023, showcasing substantial growth and strategic advancements across key business segments. The fintech firm recorded 182% increase in revenue from operations in FY23, from Rs 321 Cr in FY22 to Rs 904 Cr in FY23. A significant progress was made in reducing loss before tax, plunging from Rs. 5,594 Cr to Rs 886 Cr. Additionally, the EBITDA loss also decreased by approximately Rs 158 Cr, showcasing focused efforts towards financial sustainability.
In the lending vertical, BharatPe's Merchant Lending division witnessed remarkable growth, with a 129% increase in loans facilitated (reaching Rs 5,339 Cr), emphasizing BharatPe's commitment to empowering merchants. BharatPe also introduced innovative revenue streams, including QR usage, credit card bill payments, and utility payments, showcasing dedication to innovation and diversification in its consumer business-postpe. On the other hand, Swipebusiness experienced a remarkable 63% increase in TPV, and the installation of approximately 8 lakh new soundbox devices in FY23 highlights BharatPe's continuous efforts to expand its presence and drive financial inclusion as well as adoption of digital payments across the country.
Speaking on the milestone, Nalin Negi, CFO and Interim CEO, BharatPe, said, “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.”
Added Nalin, “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.”