SUMMARY
- BharatPe’s revenue has grown from Rs 119 crore in FY21 to Rs 1,426 crore in FY24.
- It announced a 39% increase in revenue from Rs 1,029 crore in FY23 to Rs 1,426 crore in FY24.
- The fintech has cut down its losses by 50% to Rs 474 crore in FY24.
Fintech BharatPe‘s revenue has remarkably grown from Rs 119 crore in FY21 to Rs 1,426 crore in FY24.
BharatPe announced a 39% increase in revenue from Rs 1,029 crore in FY23 to Rs 1,426 crore in FY24. Moreover, the company has cut down its losses, decreasing by 50% to Rs 474 crore in FY24, a drop from Rs 941 crore in FY23.
According to a press statement, BharatPe’s average merchant lending portfolio, which includes loans made through its platform, expanded by 40% YoY in the latest fiscal year. The company also reported positive EBITDA in October of this year.
“We considerably slashed our cash burn in FY24 and are on track to build a sustainable and profitable business. Over the last year, we have been able to partner with renowned financial institutions to extend credit access to merchants, which is a great validation for our business. Going forward, we will focus on growing our lending vertical, launching new offerings across POS, soundbox, and scaling our consumer vertical,” stated Nalin Negi, BharatPe’s CEO.
The fintech unicorn has expanded into new areas to fuel its business expansion. Recently, the company rebranded its PostPe app to BharatPe, signaling its move into the consumer payments domain. This strategic shift positions BharatPe as a direct competitor with market leaders such as PhonePe, Google Pay, and Paytm in the peer-to-peer (P2P) payments market.
The fintech giant has also entered into secured lending for its merchant partners through partnerships with OTO Capital and Vol Money, offering loans for two-wheelers and loans against mutual funds, respectively.
Moreover, BharatPe has settled its long-standing dispute with former co-founder and managing director Ashneer Grover.
