Digital payments app for merchants BharatPe on Wednesday announced results for its FY24 financial performance. The company said its consolidated revenue from operations grew by 39 per cent YoY (year-on-year) from Rs 1,029 crore to Rs 1,426 crore while consolidated loss before tax was reduced by 50 per cent YoY from Rs 941 crore to Rs 474 crore. Moreover, BharatPe’s consolidated cash burn declined by 85 per cent YoY.
The group’s consolidated EBITDA loss before share-based payment expense also declined by 75% YoY from Rs 826 crore to Rs 209 crore. A share-based payment expense occurs when a company receives goods or services in exchange for its own equity instruments (such as shares or share options) or cash or other assets based on the price of those equity instruments.
Speaking on the results, Nalin Negi, CEO, BharatPe, said FY24 has been a year of “remarkable growth”. “We continued to stay focused on our mission and enabled credit access for offline merchants and SMEs across the length and breadth of Bharat in FY24. The significant growth witnessed over the last year reiterates that our merchants see value in what we have to offer.”
BharatPe had turned EBITDA positive in October 2023.
As the merchant payment space scales up in the country, BharatPe said it will focus on growing its lending vertical, launching new offerings across POS, soundbox and lending categories, and also scaling its consumer vertical. We will stay committed to building BharatPe Group as a renowned name in the fintech industry that caters to both merchants and consumers and is at the forefront of building a Viksit Bharat.”
Founded in 2018, BharatPe currently has a network of over 1.3 crore merchants across more than 450 cities and processes over 450 million UPI transactions per month.
According to the company, it has facilitated the disbursement of loans of over Rs 18,000 crore so far in partnership with NBFCs. Recently, the company had forayed into secured loans with the launch of two-wheeler loans, loans against mutual funds, home loans and loans against property. The company has raised over $583 million in equity till date.
In August, the company had rebranded its buy now, pay later (BNPL) app postpe to BharatPe to expand into the consumer payments segment and take on digital payment companies Paytm, PhonePe, and Google Pay in the country.
BharatPe in September had announced settlement with its former co-founder Ashneer Grover to disassociate the latter from the company in every capacity. The two parties were involved in a legal tussle with the company accusing Grover and his family members of siphoning funds through fraudulent schemes between 2019 and 2021.