BharatPe Records 182% Revenue Growth in FY23, While EDBITDA Loss Cut by Rs 158 Crore: Report

New Delhi, December 26: Fintech major BharatPe on Tuesday said it has recorded 182 per cent growth in revenue in FY23 while EBITDA loss reduced by Rs 158 crore. Announcing its financial performance for the fiscal year 2023, the fintech firm registered Rs 904 crore revenue from operations in FY23, from Rs 321 crore in FY22.

A significant progress was made in reducing loss before tax, from Rs 5,594 crore to Rs 886 crore, according to the company. “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, CFO and Interim CEO, BharatPe. Layoffs 2023 in December: More Than 4.25 Lakh Tech Employees Lose Their Jobs This Year as Google, Paytm, BYJU’s and More Continue Layoffs During Holidays, Says Report.

The merchant lending division witnessed remarkable growth, with a 129 per cent increase in loans facilitated, reaching Rs 5,339 crore. On the other hand, Swipe business experienced 63 per cent increase in total payment value (TPV), with the installation of approximately 8 lakh new soundbox devices in FY23. Elon Musk’s Grok AI More Expensive Than ChatGPT Plus, Cost Less When Subscribed to X Premium+ From Desktop: Report.

“Going forward, our strategic focus is on sustained profitability, scaling lending, POS, and soundbox businesses, and launching new merchant-centric products,” said Negi. Currently with a registered network of over 1.3 crore merchants across 450+ cities, the company is processing 370 million+ UPI transactions. The company has facilitated the disbursement of loans of over Rs 12,400 crore, in partnership with NBFCs.

(The above story first appeared on LatestLY on Dec 26, 2023 12:35 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).