BharatPe Records Substantial Revenue Growth and Profitability Improvement in FY23

Fintech giant BharatPe has reported significant milestones in its fiscal year 2023, demonstrating an impressive 182% surge in revenue, totaling Rs 904 crore, marking an extraordinary leap from the preceding year. Concurrently, the company managed to slash its loss before tax substantially, reducing it from Rs 5,594 crore to Rs 886 crore during this period.

Strategic Advancements and Growth Trajectory

BharatPe's fiscal year 2023 highlights substantial growth and strategic advancements across its pivotal business segments, emphasizing a robust trajectory and focused endeavors.

The company's forward-looking strategy pivots on three key pillars: sustained profitability, expansion in lending, and the introduction of innovative, merchant-centric products.

Expansive Revenue Growth and Loss Mitigation

The fintech giant witnessed a remarkable surge in its revenue from operations, climbing from Rs 321 crore in FY22 to a staggering Rs 904 crore in FY23, marking a phenomenal 182% increment. Simultaneously, the efforts to curtail losses before tax were prominent, plunging from Rs 5,594 crore to Rs 886 crore, showcasing a resolute focus on financial prudence and stability.

The EBITDA loss also exhibited a notable decrease, underscoring the company's concerted efforts toward bolstering financial sustainability.

Empowering Merchants and Diversified Revenue Streams

Within its lending vertical, BharatPe's merchant lending segment exhibited substantial growth, facilitating a remarkable 129% surge in loans, totaling Rs 5,339 crore, highlighting the company's unwavering dedication to empowering merchants.

BharatPe strategically diversified its revenue streams by introducing various avenues, such as QR usage, credit card bill payments, and utility payments. This pursuit of innovation and diversification underpins the company's commitment to evolving and meeting merchant needs efficiently.

Expanding Reach and Driving Financial Inclusion

The Swipe business experienced an impressive 63% surge in TPV (Total Payment Volume), and the installation of approximately 8 lakh new soundbox devices in FY23, highlighting BharatPe's persistent endeavors to broaden its footprint and foster financial inclusion through widespread digital payment adoption across the nation.

Commitment to Sustainable Growth and Innovation

Nalin Negi, CFO, and Interim CEO of BharatPe, lauded the exceptional performance and emphasized the company's commitment to delivering value to merchants and stakeholders. He reiterated BharatPe's strategic focus on sustained profitability, scaling lending, POS, soundbox businesses, and the launch of innovative merchant-centric products.

BharatPe's steadfast dedication to building a sustainable business model, fostering financial inclusion, nurturing partnerships, and establishing itself as a pioneering merchant-centric fintech company in the country remains unwavering.

About BharatPe 

BharatPe is India's leading digital payments and financial services company for merchants. Founded in 2018 by Ashneer Grover and Shashvat Nakrani, BharatPe has grown rapidly to become a one-stop shop for millions of merchants across India, providing them with a wide range of products and services to help them grow their businesses.

Key things to know about BharatPe:

• Mission: BharatPe's mission is to make financial inclusion a reality for Indian merchants. The company believes that all merchants, regardless of their size or location, should have access to the same financial services as large businesses.

• BharatPe Products and Services:

BharatPe offers a wide range of products and services to its merchants, including:

• QR code payments: Merchants can accept payments from customers using BharatPe's QR code, which is free to use.
• UPI payments: Merchants can also accept payments using UPI, which is a popular instant payment system in India.
• Loans: BharatPe offers a variety of loan products to its merchants, including small business loans, working capital loans, and personal loans.
• Investment products: BharatPe also offers a variety of investment products to its merchants, such as digital gold and mutual funds.
• Insurance: BharatPe offers a variety of insurance products to its merchants, such as health insurance and shop insurance.

• Growth: BharatPe has grown rapidly in recent years. The company has over 15 million merchant partners and processes over $10 billion in transactions annually.

• Impact: BharatPe has had a significant impact on the Indian economy. The company has helped to make financial services more accessible to millions of merchants, which has helped them to grow their businesses and create jobs.

• Future: BharatPe is committed to continuing to grow and innovate in the future. The company plans to expand its product and service offerings, as well as its geographic reach.

Here are some additional things to note about BharatPe:

• The company has been criticized for its high-pressure sales tactics.
• The company has also been criticized for its handling of customer complaints.
• Despite these criticisms, BharatPe remains a popular choice for merchants in India.

Overall, BharatPe is a rapidly growing company with a clear mission to make financial inclusion a reality for Indian merchants. The company has had a significant impact on the Indian economy and is well-positioned to continue to grow in the future.