SUMMARY
- BharatPe secures ₹150 crore in debt funding and targets EBITDA profitability by FY25.
- Plans to introduce mutual funds, insurance, and apply for a payment aggregator license.
- Reports ₹1,426 crore FY24 revenue while expanding into e-commerce, loans, and super apps.
Fintech giant BharatPe has secured ₹150 crore in debt financing from Trifecta Capital and Neo Wealth and Asset Management. The remaining ₹150 crore was raised in November of last year, with ₹25 crore being raised in January.
According to an ET report, the company stated that it aims to achieve EBITDA profitability in the fiscal year that ends in March 2025 (FY25).
In an interview with the journal, BharatPe CEO Nalin Negi stated that the company is considering introducing mutual funds and insurance products soon. The article states that the company intends to apply for an offline payment aggregator license as soon as the Reserve Bank of India (RBI) opens the application process. Additionally, Negi stated that the company will require a minimum of 18 to 24 months to prepare for its IPO.
This comes days after it was revealed that BharatPe intends to generate $800 million by selling a portion of its ownership in Unity Small Finance Bank (Unity SFB). The fintech startup wants to sell off a quarter of its ownership. Resilient Innovations, the parent company of BharatPe, currently owns 49% of Unity SFB.
The fintech company also appears to be headed toward being part of the super app trend. Its platform now includes e-commerce in addition to UPI, bill payment, and credit card payback alternatives. Additionally, it provides unsecured personal loans up to INR 15 lakh through NBFC partners True Credit, CASHe, and L&T Finance.
In FY24, BharatPe reported a consolidated revenue of ₹1,426 crore, a 39% increase over FY23’s ₹1,029 crore.
