BharatPe’s revenue rises to Rs 1,426
BharatPe, the Fintech company has exhibited remarkable growth over the span of the last three fiscal years, with its revenue rising from Rs 119 crore in the financial year 2021 to Rs 1,426 crore in the fiscal year ending in March 2024.
In the consolidated annual report for financial year 2024, BharatPe had claimed a 39% year-by-year revenue rise, from 1,029 crore in the financial year 2023 to Rs 1,426 crore in the financial year 2024. In addition to that, the firm had made significant progress in reduction of losses, declining by 50% to Rs 474 crore in 2024, which is down from Rs 941 crore in financial year 2023.
Diving deep into BharatPe’s statistics
In accordance with the press release, the company’s average merchant lending portfolio, which is generated from loans facilitated through its platform which grew by 40% yearly basis in the last fiscal year.
It is good news for the company that it has got positive EBITDA (earnings before interest, tax, depreciation and amortization) in the month of October this year. The firm’s consolidated EBITDA loss before share-based payment expense reduced by 75% to Rs 209 crore in the financial year 2024 from Rs 826 crore in the previous fiscal year.
CEO of BharatPe comments
The CEO of BharatPe, Nalin Negi, comments that the firm is on track to build a profitable and sustainable business after it slashed its cash burn in the financial year 2024. As per the previous year, the company has partnered with prestigious financial institutions to expand credit access to merchants which is a high validation for the business.
The firm is to focus on growing the lending vertical as it goes forward, launching new offerings across POS, soundbox and scaling its consumer vertical.
Competitors of the firm
With its move of reduction in lossess, the firm has diversified into new varieties to drive business growth. In the recent, the firm rebranded its PostPe application to BharatPe, signifying its entrance into the consumer payments space.
This strategy places the company in a direct competition with major industry giants such as Google Pay, PhonePe and Paytm in the peer-to-peer (P2P) payments ecosystem.
Heading with issues and moving towards partnerships
This fintech unicorn has also ventured into secured borrowing for its merchant partners. With the help of these partnerships- Vol Money and OTO Capital, BharatPe now facilitates loans for two-wheeler and loans against mutual funds.
In addition to this, the firm has resolved its persistent dispute with former co-founder and managing director Ashneer Grover.
Read more about this only at- BharatPe settles dispute with ex co-founder Ashneer Grover: What company said – Hindustan Times
Conclusion
The Fintech company BharatPe has exhibited remarkable growth over the span of the last three fiscal years, with its revenue rising from Rs 119 crore in the financial year 2021 to Rs 1,426 crore in the fiscal year ending in March 2024.
The CEO of BharatPe, Nalin Negi, comments that the firm is on track to build a profitable and sustainable business after it slashed its cash burn in the financial year 2024. As per the previous year, the company has partnered with prestigious financial institutions to expand credit access to merchants which is a high validation for the business.
With its move of reduction in lossess, the firm has diversified into new varieties to drive business growth. In the recent, the firm rebranded its PostPe application to BharatPe, signifying its entrance into the consumer payments space.
This fintech unicorn has also ventured into secured borrowing for its merchant partners. With the help of these partnerships- Vol Money and OTO Capital, BharatPe now facilitates loans for two-wheeler and loans against mutual funds.
In addition to this, the firm has resolved its persistent dispute with former co-founder and managing director Ashneer Grover.
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