New Delhi-based fintech company bharatpe reported a 39% increase in operating income for fiscal year 2024 (FY24), reaching Rs 1,426 crore, up from Rs 1,029 crore in FY23.
This growth highlights the company’s growing influence in the digital payments sector.
BharatPe has been growing steadily over the last three years, with revenue increasing from Rs 119 crore in FY21 to the current Rs 1,426 crore in FY24, demonstrating its rapid ability to scale.
Reduction of losses and cash expenditure
BharatPe also made significant progress in reducing its losses. The company’s consolidated loss before tax narrowed 50% to Rs 474 crore in FY24, compared to Rs 941 crore in the previous fiscal.
Additionally, its consolidated EBITDA loss before share-based payment expenses saw a 75% decline from Rs 826 crore in FY23 to Rs 209 crore in FY24.
The company also successfully reduced its cash burn by 85%, indicating a more sustainable approach to its operations.
Strategic initiatives and business expansion
BharatPe has been actively expanding its product offerings to support both merchants and consumers. The company rebranded its PostPe app as BharatPe, expanding its services into the consumer payments space and putting it in direct competition with established players like PhonePe, Google Pay and Paytm.
He fintech Unicorn has also ventured into secured lending, partnering with OTO Capital and Vol Money to offer two-wheeler loans and loans against mutual funds, respectively.
Its average commercial loan portfolio saw 40% year-on-year growth in FY24, reflecting the positive response from its customers and partners.
Nalin Negi, CEO of BharatPe, said FY24 has been a year of “remarkable growth”. “We continue to focus on our mission and enable access to credit for offline merchants and SMEs across Bharat in FY24. The significant growth seen over the last year reiterates that our merchants see value in what we have to offer.”
Future focus and business perspectives
Going forward, BharatPe aims to expand its lending vertical and introduce new services across its product lines, including point-of-sale (POS) terminals, sound boxes and other consumer payment solutions.
According to CEO Nalin Negi, “FY24 was a landmark year for us as BharatPe turned EBITDA positive in October 2024. We are on track to build a sustainable and profitable business.”
Negi emphasized that BharatPe will continue to focus on expanding its credit offerings to small and medium enterprises (SMEs) while increasing its presence in the consumer market.
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