PC: CNBC TV18
In the shifting paradigm of fintech, BharatPe has made a place for itself, marking phenomenal growth coupled with strategic steps towards an embedded strong presence. Its FY24 financial results clearly indicate an upward trend – from Rs 119 crore recorded in FY21 to a massive Rs 1,426 crore that year ending March 2024.
BharatPe reported an impressive 39 percent year-over-year revenue growth in its consolidated annual report FY24. So, that alone went up to a staggering Rs 1,429 crore in FY24 from Rs 1,029 crore in FY23. At the same time, the company witnessed tectonic shifts in reducing its losses; the company’s consolidated losses tumbled by 50% to Rs 474 crore in FY24, in FY23, that was Rs 941 crore.
BharatPe has been doing pretty well with its merchant lending, where the average portfolio had 40% year-on-year growth in the last fiscal. In addition, the firm achieved another important milestone of crossing the EBITDA-positive mark in October of this fiscal year.
Nalin Negi, CEO of BharatPe, was soundly optimistic about the company’s future prospects and said they have made significant progress in reducing their cash burn in FY24 and are on a trajectory toward building a sustainable and profitable business. Their partnerships with some of the country’s esteemed financial institutions to expand credit access for merchants signify a strong validation of their business model. Moving forward, they will focus on amplifying their lending vertical, new offerings in POS and soundbox, and scaling their consumer vertical.
Besides the financial merit of BharatPe’s success in raising funds, the company has recently dabbled into new enterprises that would boost the growth of its business and increase its market penetration. BharatPe recently rebranded its app PostPe into BharatPe as a foray into the consumer payments space. In doing so, it is placed head-on with competition from mega-stars such as PhonePe, Google Pay, and Paytm in the peer-to-peer payment segment.
Further, BharatPe has spread its wings by entering secured lending to merchant partners. Partnerships with OTO Capital and Vol Money have helped BharatPe provide two-wheeler loans and loans against mutual funds for its merchant partners, thus catering to the diversified needs of various customers.
Notably, BharatPe has also settled a long-pending claim with its erstwhile co-founder and managing director, Ashneer Grover, which will pave the way for increased focus and coherence within the organization as it lays a roadmap for continued growth and innovation in the fintech space.
