BharatPe, the leading New Delhi-based fintech startup, has reported a remarkable three-fold increase in operating revenue for the fiscal year 2022-23 (FY23). The company’s operating revenue witnessed an impressive growth of 182% year-on-year, soaring from Rs 321 crore in FY22 to Rs 904 crore in FY23. Simultaneously, BharatPe successfully curtailed its loss before tax from Rs 5,594 crore to Rs 886 crore during the same period.
The fintech giant’s commitment to financial sustainability is underscored by a substantial reduction in its earnings before interest, taxes, depreciation, and amortization (EBITDA) loss, which decreased by approximately Rs 158 crore. This financial milestone reflects BharatPe’s focused efforts to solidify its position in the market and create lasting value for its merchants and stakeholders.
Nalin Negi, the interim CEO of BharatPe, expressed satisfaction with the significant growth observed across various business verticals. He highlighted the improved financial metrics and reiterated the company’s dedication to delivering value to its diverse range of stakeholders. Negi outlined the strategic direction, emphasizing sustained profitability, expansion of lending activities, growth in point-of-sale (POS) operations, and the introduction of innovative merchant-centric products.
Key highlights of BharatPe’s FY23 performance include a stellar 129% increase in facilitated loans in its merchant lending division. The Swipe business also demonstrated impressive results with a substantial 63% rise in total payment value (TPV). These positive indicators underscore the growing acceptance and impact of BharatPe’s services in the fintech landscape.
The company’s commitment to innovation and expansion is evident in its deployment of approximately 8 lakh new soundbox devices during FY23. BharatPe also diversified its revenue streams by introducing new services such as QR usage, credit card bill payments, and utility payments. These strategic additions to the service portfolio aim to cater to a broader spectrum of merchant requirements and position BharatPe as a comprehensive financial services provider.
BharatPe’s expansive reach is highlighted by its registered network of over 1.3 crore merchants across 450 cities in India. Over the fiscal year, the company processed an impressive 370 million Unified Payments Interface (UPI) transactions, solidifying its position as a key player in the digital payments ecosystem. Additionally, BharatPe facilitated loans exceeding Rs 12,400 crore through strategic partnerships with non-banking finance companies (NBFCs).
Looking ahead, BharatPe remains committed to its core objectives of sustained profitability and business expansion. The strategic focus on lending, point-of-sale operations, and soundbox businesses aligns with the company’s vision of becoming a comprehensive financial services provider for merchants, leveraging technology and innovation.
Since its inception, BharatPe has garnered substantial support from investors, securing over $583 million in equity funding. Marquee investors include Peak XV Partners, Ribbit Capital, Insight Partners, Amplo, Beenext, Coatue Management, Dragoneer Investment Group, Steadfast Capital, Steadview Capital, and Tiger Global. This significant financial backing reflects the industry’s confidence in BharatPe’s business model and its potential for future growth and success.
