Fintech major BharatPe turned Ebitda-positive in October and clocked an annualised revenue of Rs 1,500 crore, up 31 per cent from the year-ago period, on the back of a significant growth in lending and payments business.
The company also reduced its cash burn, which was averaging Rs 60 crore a month in FY23, to attain a positive Ebitda, it said in a statement.
“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.
In October, BharatPe facilitated loans exceeding Rs 640 crore for its network of merchants in partnership with non-banking financial companies, up 36 per cent year-on-year. It has facilitated loans exceeding Rs 12,400 crore since its venture into this segment in late 2019.
BharatPe also recorded monthly total payments volume (TPV) of over Rs 14,000 crore across its payment products in October.
“In the coming months, we’ll focus on scaling up our lending, POS [point of sale], and soundbox businesses. We will also focus on launching new products tailored for our merchant partners while concentrating on the development of our consumer and NBFC businesses,” he added.
BharatPe’s network of merchants is spread across 450-plus cities and it processes more than 370 million UPI offline transactions. Its POS business processes payments worth more than Rs 29,000 crore annually.
Recently, the company filed a case in Delhi High Court, seeking an injunction against co-founder Ashneer Grover to prevent him from divulging “confidential information” relating to the company.