Digital payments app for merchants BharatPe on Tuesday announced its financial performance for the fiscal year 2023. The company reported an 182 per cent increase in its revenue from operations to Rs 904 crore from Rs 321 crore in FY22 while loss before tax dropped to Rs 886 crore from Rs 5,594 crore in the preceding fiscal. BharatPe also reported a decrease in its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) loss by approximately Rs 158 crore.
Founded in 2018, BharatPe has over 1.3 crore merchants in its network across more than 450 cities, processing over 370 million UPI transactions. The company offers payments, banking and lending services to merchants. Within lending under BharatPe Money, the company facilitates loans in partnership with various NBFCs such as L&T Finance, Aditya Birla Capital, Piramal Finance, and more.
“Going forward, our strategic focus is on sustained profitability, scaling lending, POS, and soundbox businesses, and launching new merchant-centric products. We are committed to building a sustainable business, fostering financial inclusion, nurturing our partnerships and establishing BharatPe as a leading merchant-first fintech company in the country,” said Nalin Negi, CFO and Interim CEO, BharatPe in a statement.
The company also noted a 63 per cent increase in TPV (total payment volume) for its POS solution Swipe and installation of around 8 lakh new soundbox devices in FY23. Annually, BharatPe said its POS business processes payments of over Rs 29,000 crore.
The company has raised over $583 million in equity so far from Peak XV Partners (formerly Sequoia Capital India), Beenext, Coatue Management, Dragoneer Investment Group, Steadfast Capital, Steadview Capital, Tiger Global and others.
In November 2023, the company announced turning EBITDA positive in October 2023, clocking its first profitable month. In addition, its annualized revenue had grown past Rs 1,500 crore, up by 31 per cent from FY23.