BharatPe, a major player in the fintech industry, experienced a widened net loss of Rs 941 crore in the fiscal year 2022-23, compared to Rs 834 crore in the previous fiscal year. The reported loss for FY22 excluded a loss of Rs 4,782 crore incurred due to changes in the fair value of compulsory convertible preference shares. In contrast, revenues from operations for FY23 reached Rs 1,029 crore, marking a twofold increase from FY22. Although non-operating revenue decreased by 38% YoY to Rs 139 crore in FY23, BharatPe achieved a positive EBITDA in October with an annualized revenue of Rs 1,500 crore, reflecting a 31% YoY increase. The positive EBITDA is attributed to growth in the lending and payments business. The company has also reduced cash burn, averaging Rs 60 crore per month in 2022-23, to achieve a positive EBITDA.
Key Points:
1. BharatPe, a major fintech player, reported a widened net loss of Rs 941 crore for FY23, compared to Rs 834 crore in the previous fiscal year. The loss in FY22, amounting to Rs 4,782 crore, was excluded from the comparison due to a change in the fair value of compulsory convertible preference shares.
2. Revenues from operations for FY23 stood at Rs 1,029 crore, marking a two-fold increase from FY22.
3. Non-operating revenue experienced a 38% year-on-year moderation to Rs 139 crore in FY23, as per BharatPe's annualized financial statement.
4. In October, BharatPe achieved positive EBITDA with an annualized revenue of Rs 1,500 crore, reflecting a 31% YoY increase. This positive development was attributed to robust growth in the lending and payments business.
5. The company reduced its cash burn significantly, averaging Rs 60 crore per month in 2022-23, to achieve positive EBITDA. BharatPe's CFO and interim CEO, Nalin Negi, highlighted the milestone and growth achieved in October, emphasizing the trust from the vast network of over 1.3 crore merchant partners.
(With Agency Inputs)
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