Fintech major BharatPe saw its consolidated earnings before interest, taxes, depreciation, and amortisation (Ebitda) loss decline to Rs 209 crore in financial year 2024 (FY24), from Rs 826 crore in FY23.
The Gurugram-based company’s revenue from operations rose by 39 per cent year on year (Y-o-Y), from Rs 1,029 crore to Rs 1,426 crore.
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The company added that its cash burn was reduced by 85 per cent on a Y-o-Y basis.
The average merchant lending portfolio from loans originated through BharatPe’s platform grew by 40 per cent compared to the previous year.
“FY24 was a milestone year for us as BharatPe turned Ebitda positive in October 2024. Also, we considerably slashed our cash burn in FY24 and are on track to build a sustainable and profitable business,” said Nalin Negi, chief executive officer (CEO) of BharatPe.
The firm added that it would focus on expanding its lending vertical and launch new offerings for its merchant network, such as point-of-sale (POS) devices and soundboxes, as well as expand its consumer-facing vertical.
“We continued to stay focused on our mission and enabled credit access for offline merchants and small and medium enterprises (SMEs) across the length and breadth of Bharat in FY24,” Negi added.
In April, the company launched an ‘all-in-one’ soundbox for its merchants. In August, it introduced its Unified Payments Interface-Third Party Application Provider (UPI-TPAP) for consumer payments.
Last month, BharatPe and its former co-founder Ashneer Grover settled their long-standing legal dispute, days after the Delhi Police’s Economic Offences Wing (EOW) arrested Grover’s brother-in-law in a case of fund misappropriation at the fintech firm.
As part of the settlement, Grover will not be associated with BharatPe in any capacity, nor will he hold any shareholding, the Gurugram-based company said.
First Published: Oct 16 2024 | 5:14 PM IST
