Gurugram, Oct 16 (SocialNews.XYZ) Fintech firm BharatPe Group announced its financial performance for FY 2023-24 on Wednesday, reporting a consolidated EBITDA loss (before share-based payment expense) of Rs 209 crore for the last financial year.
The consolidated EBITDA loss was Rs 826 crore in FY 2022-23.
According to the company, its consolidated revenue from operations grew by 39 per cent YoY (year-on-year), from Rs 1,029 crore to Rs 1,426 crore, and consolidated loss before tax was reduced by 50 per cent YoY, from Rs 941 crore to Rs 474 crore.
The company's average merchant lending portfolio from loans originating through its platform grew by 40 per cent year-on-year (FY24 vs FY23).
The company said that it witnessed a great response for its soundbox devices in FY24.
BharatPe also said that its consolidated cash burn was reduced by 85 per cent on a YoY basis.
CEO Nalin Negi said: "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. We will focus on growing our lending vertical, launching new offerings across POS, soundbox, and scaling our consumer vertical," he added.
The company has diversified its portfolio into new categories to drive business growth.
Recently, BharatPe rebranded its PostPe app to BharatPe, marking its entry into the consumer payments space. BharatPe has raised over US$583 million in equity till date. The company’s list of investors includes Peak XV Partners (formerly known as Sequoia Capital India), Ribbit Capital, Insight Partners, Amplo, Beenext, Coatue Management, Dragoneer Investment Group, Steadfast Capital, Steadview Capital and Tiger Global.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz