New Delhi: Fintech company BharatPe Group on Wednesday announced its financial performance for fiscal year 2023-24, reporting a consolidated EBITDA loss (before share-based payment expenses) of Rs 209 crore for the last financial year. Consolidated EBITDA loss was Rs 826 crore in FY 2022-23.
According to the company, its consolidated revenue from operations grew 39 percent year-on-year (y-o-y) from Rs 1,029 crore to Rs 1,426 crore, and consolidated loss before tax narrowed 50 percent year-on-year (y-o-y) from Rs 941 crore. . to 474 crores.
The company’s average commercial loan portfolio from loans originated through its platform grew 40 percent year-on-year (FY24 vs FY23). The company said it witnessed great response for its sound box devices in FY24.
BharatPe also said its consolidated cash burn dropped by 85 per cent year-on-year. CEO Nalin Negi said, “FY24 was a landmark year for us as BharatPe turned EBITDA positive in October 2024. Additionally, we significantly reduced our cash burn in FY24 and are on track to build a sustainable and profitable business”.
“Over the last year, we have been able to partner with renowned financial institutions to expand access to credit to merchants, which is a great validation for our business. We will focus on growing our lending vertical, launching new offerings in POS, Soundbox and scaling our consumer vertical,” he added.
The company has diversified its portfolio into new categories to drive business growth. Recently, BharatPe rebranded its PostPe app as BharatPe, marking its entry into the consumer payments space. BharatPe has raised over $583 million in capital to date.
The company’s investor list includes 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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