New Delhi, Dec 19 (SocialNews.XYZ) Fintech major BharatPe’s net loss widened to Rs 941 crore during FY23, compared with Rs 834 crore in the previous fiscal.
“We excluded the loss worth 4,782 crore in FY22 which it incurred due to change in fair value of compulsory convertible preference shares,” according to an Entrackr report, citing BharatPe’s annualised financial statement shared with shareholders.
BharatPe reported revenues from operations at Rs 1,029 crore for FY23, up 2 times from FY22.
The company’s non-operating revenue, however, moderated 38 per cent year-on-year (YoY) to Rs 139 crore in FY23, according to the report.
BharatPe turned EBITDA -- earnings before interest, tax, depreciation and amortisation -- positive in October with an annualised revenue of Rs 1,500 crore, which represents a 31 per cent increase over the same period of the previous year on the back of higher growth in its lending and payments business, the company said last month.
The fintech startup has also significantly cut down its cash burn, which averaged at Rs 60 crore a month in 2022-23, to attain a positive EBITDA.
"This milestone reflects the trust bestowed upon us by our vast network of over 1.3 crore merchant partners. October was a great month for us — we achieved significant growth with loans facilitated on our platform," said Nalin Negi, CFO and interim CEO, BharatPe.
Source: IANS
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