BharatPe's revenue rises 39% rise to Rs 1,426 crore in FY24; losses decline by 50%

New Delhi-based fintech firm BharatPe reported a 39% increase in operating revenue for the fiscal year 2024 (FY24), reaching Rs 1,426 crore, up from Rs 1,029 crore in FY23.

This growth highlights the company’s expanding influence in the digital payments sector.

BharatPe has grown consistently over the last three years, with revenue jumping from Rs 119 crore in FY21 to the current rs 1,426 crore in FY24, demonstrating its rapid scaling capabilities.

Reduction in losses and cash burn

BharatPe also made significant strides in narrowing its losses. The company’s consolidated loss before taxes dropped by 50% to Rs 474 crore in FY24, compared to Rs 941 crore in the previous fiscal year.

Moreover, its consolidated EBITDA loss before share-based payment expenses saw a 75% decline, going from Rs 826 crore in FY23 to Rs 209 crore in FY24.

The company also successfully cut its cash burn by 85%, indicating a more sustainable approach to its operations.

Strategic initiatives and business expansion

BharatPe has been actively expanding its product offerings to support both merchants and consumers. The company rebranded its PostPe app to BharatPe, extending its services into the consumer payments space and putting it in direct competition with established players like PhonePe, Google Pay, and Paytm.

The fintech unicorn has also ventured into secured lending, partnering with OTO Capital and Vol Money to provide two-wheeler loans and loans against mutual funds, respectively.

Its average merchant lending portfolio saw a 40% year-on-year growth in FY24, reflecting the positive response from its customers and partners.

Nalin Negi, CEO, BharatPe, said FY24 has been a year of “remarkable growth”. “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.”

Future focus and business outlook

Looking ahead, BharatPe aims to scale its lending vertical and introduce new services across its product lines, including point-of-sale (POS) terminals, soundboxes, and other consumer payment solutions.

According to CEO Nalin Negi, “FY24 was a milestone year for us as BharatPe turned EBITDA positive in October 2024. We are on track to build a sustainable and profitable business.”

Negi emphasized that BharatPe will continue to focus on expanding its credit offerings to small and medium enterprises (SMEs) while also growing its presence in the consumer market.