BusinessWire India
Gurugram (Haryana) [India], November 28: BharatPe, one of India's leading players in the fintech sector, today announced that it has turned EBITDA positive in October 2023. Additionally, it shared that its annualized revenue has surged past Rs 1,500 Cr, a growth of 31 per cent from c. This financial milestone is attributed to consistent growth across all its business lines. The company has also significantly cut down its EBITDA burn--which was averaging at Rs 60 Cr per month in FY23--to attain EBITDA positivity. This significant milestone in conjunction with strong growth is a testament to the efforts of the team, enabled by strategic guidance from the Board. The company will continue taking strides toward being a market-leading financial services platform for the 50 million small businesses across India.
The company has experienced consistent growth in its lending vertical over the past several months. In October, it facilitated loans exceeding Rs 640 crores for its merchants in partnership with its NBFC partners, demonstrating a spike of 36 per cent Y-o-Y. BharatPe has facilitated loans totaling over Rs 12,400 crores since its foray into this segment in late 2019. Additionally, it recorded growth across verticals - including its payment products. The company also saw remarkable growth in the number and amount of transactions done on its soundbox devices. BharatPe, in October, also recorded a monthly TPV of over Rs 14,000 crores across its diverse range of payment products.
Speaking on the milestone, Nalin Negi, CFO and Interim CEO, BharatPe, said, "BharatPe was started with the vision of empowering millions of offline merchants and MSMEs across the country, with best-in-class fintech products. This milestone reflects the trust bestowed upon us by our vast network of over 1.3 crores merchant partners. October was a great month for us- we achieved significant growth with loans facilitated on our platform. Also, our digital payments verticals grew considerably, boasting a monthly transaction count exceeding 37 crores. We will continue to cater to the needs of our merchant partners as well as customers and our strategic focus will be to ensure sustained profitability across our business lines. In the coming months, we'll focus on scaling our lending, POS, 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."
Nalin added, "This achievement is a testament to the dedication and hard work of our team. I would like to congratulate each and every team member of BharatPe for achieving this milestone. Moving forward, we continue to stay committed to building a sustainable business with growth across business lines. We will continue to focus on driving financial inclusion across Bharat, empowering more offline merchant businesses. Our goal is to establish BharatPe as one of the largest merchant-first fintech companies in the country."
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