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NEW DELHI: Fintech unicorn BharatPe’s revenue from operations increased to Rs 904 crore in FY23 from Rs 321 crore in FY22, registering a year-on-year growth of 182%, the company said in a statement on Tuesday. Even as losses narrowed to an extent, they still remain well over Rs 800 crore. The startup claimed that its losses before tax reduced to Rs 886 crore in FY23 from Rs 5,594 crore in FY22.
CFO and interim CEO Nalin Negi said that the firm’s strategy from here on will be to focus on sustained profitability.
The Gurgaon-based startup which is backed by investors like Peak XV Partners, Ribbit Capital and Insight Partners had last month said that it had turned EBITDA positive in October 2023. EBITDA refers to earnings before interest, taxes, depreciation and amortisation and is a metric of operational profitability. In FY23, the firm managed to cut its EBITDA losses by about Rs 158 crore, the startup said without disclosing further details. With investors getting selective in terms of fund allocation into companies and pressing portfolio firms to become financially prudent, startups are trying to rein in expenses and move towards profitability.
BharatPe’s lending vertical delivered well with the merchant lending division having seen a 129% increase in disbursement of loans in FY23. “The significant growth across our business verticals, coupled with improved financial metrics underscores our commitment to creating value for our merchants and stakeholders,” Negi said, adding that the company will launch new merchant-centric products going ahead.
The startup had last raised $370 million in 2021 at a valuation of $2.8 billion.
CFO and interim CEO Nalin Negi said that the firm’s strategy from here on will be to focus on sustained profitability.
The Gurgaon-based startup which is backed by investors like Peak XV Partners, Ribbit Capital and Insight Partners had last month said that it had turned EBITDA positive in October 2023. EBITDA refers to earnings before interest, taxes, depreciation and amortisation and is a metric of operational profitability. In FY23, the firm managed to cut its EBITDA losses by about Rs 158 crore, the startup said without disclosing further details. With investors getting selective in terms of fund allocation into companies and pressing portfolio firms to become financially prudent, startups are trying to rein in expenses and move towards profitability.
BharatPe’s lending vertical delivered well with the merchant lending division having seen a 129% increase in disbursement of loans in FY23. “The significant growth across our business verticals, coupled with improved financial metrics underscores our commitment to creating value for our merchants and stakeholders,” Negi said, adding that the company will launch new merchant-centric products going ahead.
The startup had last raised $370 million in 2021 at a valuation of $2.8 billion.
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