BharatPe, a leading fintech company, has reported impressive financial performance for the fiscal year 2023, with a remarkable 182% growth in revenue. The company disclosed that its revenue from operations in FY23 amounted to Rs 904 crore, marking a substantial increase from Rs 321 crore in FY22. Additionally, BharatPe experienced a noteworthy reduction in EBITDA loss, decreasing by Rs 158 crore.
The company's progress is evident in the significant improvement in the loss before tax, which decreased from Rs 5,594 crore to Rs 886 crore. The merchant lending division played a pivotal role in this growth, witnessing a remarkable 129% increase in loans facilitated, reaching Rs 5,339 crore.
BharatPe's Swipe business also demonstrated robust performance, experiencing a 63% increase in total payment value (TPV). In FY23, the company installed approximately 8 lakh new soundbox devices, contributing to this growth.
Nalin Negi, CFO and Interim CEO of BharatPe, emphasized the company's commitment to creating value for merchants and stakeholders. He outlined the strategic focus on sustained profitability, scaling lending, point-of-sale (POS), soundbox businesses, and the launch of new merchant-centric products in the future.
With a registered network of over 1.3 crore merchants across 450+ cities, BharatPe has become a significant player in the fintech sector, processing over 370 million UPI transactions. The company has also facilitated the disbursement of loans exceeding Rs 12,400 crore in collaboration with non-banking financial companies (NBFCs). The strong financial performance underscores BharatPe's position as a key player in the rapidly evolving fintech landscape.
(With Agency Inputs)
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