BharatPe's Core Revenue Jumps Threefold To Rs 904 Crore In FY23

Resilient Innovations Pvt., the parent fintech firm BharatPe, reported a near-threefold rise in standalone revenue even as loss in core business rose.

The Gurugram-headquartered firm's revenue from operations rose from Rs 321 crore to Rs 904 crore in FY23. Its loss before tax, without taking into account a large, one-time change in the fair value of compulsory convertible preference shares, increased to Rs 886 crore from Rs 811 crore in FY22.

Adjusted for CCPS cost, loss narrowed from Rs 5,594 crore in FY22.

In the lending vertical, BharatPe's merchant lending division advanced loans worth Rs 5,339 crore 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," said Nalin Negi, chief financial officer and interim chief executive officer at BharatPe.

“Going forward, our strategic focus is on sustained profitability, scaling lending, POS, and soundbox businesses, and launching new merchant-centric products," he said.

Earlier this year, BharatPe had said it turned profitable at Ebitda level for the first time in October.

"This financial milestone is attributed to consistent growth across all its business lines. The company has also significantly cut down its Ebitda burn—which was averaging at Rs 60 crore per month in FY23—to attain Ebitda positivity," the company had said then.