BharatPe, a prominent fintech unicorn, announced a significant milestone as it turned EBITDA positive in October 2023. This achievement is coupled with an annualized revenue surpassing Rs 1,500 crore, reflecting an impressive growth rate of over 30% compared to FY23.
The company also revealed a noteworthy reduction in its EBITDA burn, which now stands at Rs 60 crore per month in FY23, highlighting its commitment to financial sustainability.
In the lending segment, BharatPe showcased substantial progress by facilitating loans totaling Rs 640 crore to merchants in collaboration with its Non-Banking Financial Companies (NBFCs). This represents a remarkable YoY spike of 36%. Since the inception of this lending initiative, BharatPe has disbursed loans exceeding Rs 12,400 crores.
The multifaceted growth of BharatPe contributed significantly to this achievement, encompassing its payment products and a surge in both the number and value of transactions conducted through its soundbox devices.
During the month of October, the Delhi-based company recorded a monthly Total Payment Volume (TPV) exceeding Rs 14,000 crores across its diverse range of payment products, further underlining its robust performance.
This positive development comes in the wake of earlier reports revealing the departure of BharatPe’s Chief Product Officer (CPO) Ankur Jain, who resigned to embark on his entrepreneurial journey. In July, the company appointed Pankaj Goel as its Chief Technical Officer (CTO), filling the position after a seven-month gap.
BharatPe has been navigating a series of leadership changes since the resignation of Ashneer Grover in March 2022. Notable exits include co-founder Bhavik Kodaliya, Chief Executive Officer Suhail Sameer, Chief Revenue Officer Nitish Sharma, and Head of Institutional Debt Partnership Chandrima Dhar.
In a strategic move, BharatPe expanded its portfolio by acquiring a majority 51% stake in Trillion Loans, an NBFC based in Mumbai, earlier this year in May.
This positive financial performance and strategic advancements underscore BharatPe’s resilience and commitment to growth in the dynamic fintech landscape, positioning itself as a key player in the industry.