Marking a significant milestone, fintech giant BharatPe achieved profitability in October 2023, registering an annualized revenue of Rs 1,500 crore. This impressive feat represents a 31% surge compared to the corresponding period of the previous year, driven by robust growth in its lending and payments operations.
The company's unwavering focus on streamlining expenses has played a pivotal role in its financial turnaround. BharatPe has effectively reduced its monthly cash burn from an average of Rs 60 crore in 2022-23 to a sustainable level, paving the way for a positive EBIDTA (Earnings Before Interest, Taxes, Depreciation, and Amortization).
"This milestone reflects the trust bestowed upon us by our vast network of over 1.3 crore merchant partners. October was a great month for us — we achieved significant growth with loans facilitated on our platform," remarked Nalin Negi, CFO and interim CEO of BharatPe.
BharatPe's success story underscores the company's unwavering commitment to empowering merchants and revolutionizing the Indian fintech landscape. By harnessing innovative technologies and fostering a customer-centric approach, BharatPe is poised to achieve even greater heights in the years to come.
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