BharatPe turns EBITDA positive; achieves ARR of Rs 1,500 Cr

In October, the company facilitated loans surpassing Rs 640 Cr for its merchants through partnerships with NBFCs, reflecting a year-on-year spike of 36%.

Tuesday November 28, 2023 , 2 min Read

Digital payments startup BharatPe has turned EBITDA positive in October 2023, along with an annualised revenue surge of Rs 1,500 crore–up 31% from FY23, the company said.

The fintech company also significantly cut down its EBITDA burn, which was averaging at Rs 60 crore a month in FY23, to attain EBITDA positivity. EBITDA is earnings before interest, taxes, depreciation, and amortisation—used as an indicator of the overall profitability of a business.

In a statement, BharatPe said it has witnessed consistent growth in its lending vertical over recent months. In October, it facilitated loans surpassing Rs 640 crore for its merchants through partnerships with NBFCs, reflecting a year-on-year spike of 36%.

The company has facilitated loans totalling over Rs 12,400 crore since its foray into this segment in late 2019. Additionally, it has recorded growth across verticals, including its payment products.

“BharatPe was started with the vision of empowering millions of offline merchants and MSMEs across the country, with best-in-class fintech products. This milestone reflects the trust bestowed upon us by our vast network of over 1.3 crore merchant partners. Moreover, our digital payments verticals grew considerably, with the monthly transaction count exceeding Rs 37 crore," Nalin Negi, CFO and Interim CEO of BharatPe, said.

BharatPe has a registered network of over 1.3 crore merchants spanning across 450 cities. It facilitates the processing of 370 million+ UPI transactions, contributing to an annualised Transaction Processed Value exceeding Rs 1.7 lakh crore. Its POS business handles payments totalling Rs 29,000 crore on an annual basis.

“We will continue to focus on driving financial inclusion across Bharat, empowering more offline merchant businesses. Our goal is to establish BharatPe as one of the largest merchant-first fintech companies in the country,” added Nalin.

To date, the fintech company has raised over $583 million in equity. Some of its marquee investors include Peak XV Partners(formerly known as Sequoia Capital India), Ribbit Capital, Insight Partners, Amplo, and Tiger Global Management.