DBT Bureau
Bengaluru, 17 October 2024
Fintech major, BharatPe Group narrowed its losses in FY24 as the company’s group’s consolidated EBITDA loss before share based payment expense reduced drastically by 75% on a YoY (year-on-year) basis, from Rs 826 crore to Rs 209 crore.
Its consolidated revenue from operations grew by 39% to Rs 1,426 crore, from Rs 1,029 crore reported a year ago. Its consolidated loss before tax reduced by
50% from Rs 941 crore to Rs. 474 crore, the company said in a release. Its consolidated cash burn reduced by 85% year-on-year basis, the company said.
The company also strengthened its position as a credit enabler for millions. The average merchant lending portfolio from loans originated through its platform grew by 40% year-on-year basis. The company launched the Android POS for merchants and it continued to witness good response for its soundbox devices in FY24.
“We are happy to share that FY24 has been a year of remarkable growth for us. We have further strengthened our position as the preferred fintech partner for millions of offline merchants and have seen significant and sustained growth across business verticals during the course of FY24. We continued to stay focused on our mission and enabled credit access for offline merchants and SMEs across the length and breadth of Bharat in FY24. The significant growth witnessed over the last year reiterates that our merchants see value in what we have to offer,”Nalin Negi, CEO of BharatPe 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,” he added.
