BharatPe narrows losses by 83% to Rs 941 Cr in FY23
The fintech startup's revenue from operations surged over 125% to Rs Rs 1,028 crore. Total expenses decreased substantially to Rs 2,108 crore in FY23 from Rs 6,296 crore in the previous fiscal year.
Tiger Global-backed has narrowed its losses by around 83% to Rs 941 crore in FY22-23 compared to Rs 5,615 crore a year ago.
The startup's revenue from operations surged over 125% to Rs 1,028 crore in FY23, up from Rs 456 crore in FY22.
Meanwhile, employee benefit expenses rose to Rs 304 crore in FY22-23, compared to Rs 184 crore in the previous year.
Notably, the fintech player has managed to decrease its total expenses substantially. In FY23, its total expenses amounted to Rs 2,108 crore, reflecting a significant drop from Rs 6,296 crore in the previous fiscal year. However, total income rose to Rs 1,167 crore from Rs 680 crore a year ago.
“Going forward, our strategic focus is on sustained profitability, scaling lending, POS, and soundbox businesses, and launching new merchant-centric products,” Nalin Negi, CFO and Interim CEO of BharatPe, said earlier in a statement
In related news, BharatPe has concluded a $100-million debt round, as reported by Entrackr. This new debt round marks the company's return to fundraising after a gap of over two years.
Queries sent to BhartPe remained unanswered at the time of publishing this copy.
Additionally, BharatPe's NBFC arm, Trillion Loans, reportedly secured a separate debt round from Credit Saison. After BharatPe acquired a 51% majority stake in Trillion Loans in May last year, the Tiger Global-backed company appointed Ravindra Pandey, Nalin Negi, and Sabyasachi Senapati to the board.
Founded in 2018, BharatPe has a registered network of over 1.3 crore merchants across 450 cities and manages 370 million UPI transactions. The fintech firm has raised over $583 million in equity from investors including , Ribbit Capital, Insight Partners, Amplo, Beenext, Coatue Management, .
Edited by Affirunisa Kankudti