Gurugram, 17th Oct 2024 BharatPe Group, India’s leading name in fintech, today announced its financial performance for FY24. The FY24 numbers showed consistent growth across various business lines. The Group’s consolidated EBITDA loss before share based payment expense reduced drastically by 75% on a YoY basis, from Rs. 826 crores to Rs. 209 crores. Its consolidated revenue from operations grew by 39% YoY, from Rs. 1,029 crores to Rs. 1,426 crores, and consolidated loss before tax reduced by 50% YoY, from Rs. 941 crores to Rs. 474 crores. BharatPe also shared that its consolidated cash burn reduced by 85% year-on-year basis.
BharatPe further strengthened its position as a credit enabler for millions and the average merchant lending portfolio from loans originated through its platform grew by 40% year-on-year (FY24 vs FY23). It enhanced its offerings in the payments space with the launch of the Android POS for merchants. BharatPe continued to witness great response for its soundbox devices in FY24.
Speaking on the announcement, Mr. Nalin Negi, CEO, BharatPe, said, “We are happy to share that FY24 has been a year of remarkable growth for us. We have further strengthened our position as the preferred fintech partner for millions of offline merchants and have seen significant and sustained growth across business verticals during the course of FY24. We continued to stay focused on our mission and enabled credit access for offline merchants and SMEs across the length and breadth of Bharat in FY24. The significant growth witnessed over the last year reiterates that our merchants see value in what we have to offer.”
Added Nalin, “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. Over the last year, we have been able to partner with renowned financial institutions to extend credit access to merchants, which is a great validation for our business. Going forward, we will focus on growing our lending vertical, launching new offerings across POS, soundbox, and scaling our consumer vertical. We will stay committed to building BharatPe Group as a renowned name in the fintech industry that caters to both merchants and consumers and is at the forefront of building a Viksit Bharat.”