BharatPe revenue surges by 182% in FY23

THE JHARKHAND STORY DESK

New Delhi, Dec 26: The fintech company BharatPe revealed on Tuesday that its operating revenue increased 182% year on year to Rs 904 crore in FY23, while its loss before tax decreased to Rs 886 crore from Rs 5,594 crore over the same time.

In a press release, BharatPe stated that significant growth and strategic developments were demonstrated in major business categories by its financial performance for the fiscal year 2023.

“The fintech firm recorded 182 per cent increase in revenue from operations in FY23, from Rs 321 crore in FY22 to Rs 904 crore in FY23,” the press release stated.

Substantial reduction in loss

The company says that a substantial reduction in loss before tax was achieved, as it fell from Rs 5,594 crore to Rs 886 crore.

“Additionally, the EBITDA loss also decreased by approximately Rs 158 crore, showcasing focused efforts towards financial sustainability,” the press release stated.

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Increase in loan facilitation

The company declared that expanding loans, introducing new merchant-focused products, and maintaining profitability are its future strategic priorities.

BharatPe stated that the lending vertical saw impressive development in its merchant lending sector, with loans facilitated rising by 129% to reach Rs 5,339 crore.

New revenue streams

In pursuit of innovation and diversification, BharatPe has offered new revenue streams, including as utility payments, credit card bill payments, and QR usage, according to the press release.

“On the other hand, Swipe business experienced a remarkable 63 per cent increase in TPV, and the installation of approximately 8 lakh new soundbox devices in FY23 highlights BharatPe’s continuous efforts to expand its presence and drive financial inclusion as well as adoption of digital payments across the country ” the release stated.