Fintech major BharatPe on Tuesday said it has turned EBITDA positive in October, with annualised revenue rising 31% from FY23 to Rs 1,500 crore.
While the company did not disclose exact EBITDA numbers, it said that it has been able to achieve this “milestone” after cutting down on its EBITDA burn, which was averaging Rs 60 crore per month in FY23.
In October, the fintech facilitated loans over Rs 640 crores for its merchants in partnership with its non-banking finance company (NBFC) partners, higher 36% on a year-on-year (YoY) basis. Overall, BharatPe has till date facilitated loans amounting to Rs 12,400 crores, since its foray into lending segment in late 2019.
BharatPe in October also recorded a monthly total payment value (TPV) of over Rs 14,000 crores across its different payment products. “Our digital payments verticals grew considerably, boasting a monthly transaction count exceeding 37 crores. We will continue to cater to the needs of our merchant partners as well as customers and our strategic focus will be to ensure sustained profitability across our business lines,” said Nalin Negi, CFO and interim CEO at BharatPe.
In the coming months, the fintech will focus on scaling its lending, point of sales (POS) machines, and soundbox businesses. It will also focus on launching new products for merchant partners, while developing its consumer and NBFC businesses, he said.
Founded in 2018, BharatPe has over 1.3 crore merchants across 450 plus cities, and has facilitated over 370 million plus UPI transactions. In January 2023 it received an in-principle nod from the Reserve Bank of India (RBI) to operate as an online payment aggregator.
Meanwhile, BharatPe’s estranged Co-founder Ashneer Grover today also tendered an apology before the Delhi High Court for his social media posts targeting his former employer, Bar and Bench reported.
Justice Rekha Palli, hearing the matter, observed that Grover’s conduct was ‘appalling’ and imposed a fine of Rs 200,000 on him for violation of the Court’s previous order on stopping use of defamatory language by both parties against each other.