In a Mumbai release, Fintech firm BharatPe Group said on Wednesday it announced financial performance for FY 2023-24 with consolidated EBITDA loss of Rs 209 crore, before share-based payment expense, for the last fiscal. Consolidated EBITDA loss was at Rs 826 crore in FY 2022-23.". Revenue from operations for the company as consolidated rose 39 per cent year over year (YoY) to Rs 1,426 crore from Rs 1,029 crore. Consolidated loss before tax had also declined by 50 per cent YoY, at Rs 474 crore, against Rs 941 crore.
The average merchant lending portfolio of the company from loans originating through its platform jumped by 40 percent year over year (FY24 compared to FY23).
The company said that it witnessed a great response for its soundbox devices in FY24. BharatPe also said that consolidated cash burn was brought down by 85% on YoY basis. CEO Nalin Negi said, "FY24 was a milestone year for us as BharatPe turned EBITDA positive in October 2024. Also, we considerably slashed our cash burn in FY24 and are on track to build a sustainable and profitable business.".
We have been able to partner with great financial institutions over the last year, and that's resulted in expanding credit accessibility to merchants- quite a validation of our business. We'll focus on growing our lending vertical, launch new offerings across POS, soundbox, and scale our consumer vertical," he added.
The company expanded its portfolio into new categories for business growth. The company recently rebranded its PostPe app as BharatPe; this entry has helped it join the consumer payment space. BharatPe has raised more than US$583 million in equity till date.
The company's investors include Peak XV Partners, formerly known as Sequoia Capital India, Ribbit Capital, Insight Partners, Amplo, Beenext, Coatue Management, Dragoneer Investment Group, Steadfast Capital, Steadview Capital and Tiger Global.
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