Fintech startup BharatPe has announced that it turned EBITDA positive in October 2023 on the back of consistent growth across all its business lines.
Notably, it has also reduced its EBITDA burn, which averaged Rs 60 crore per month in FY23, to attain EBITDA positivity.
Growth in annualized revenue
BharatPe's annualized revenue has seen a significant jump, reaching over Rs 1,500 crore, marking a 31% growth. The startup said that a key factor in this growth is its lending vertical.
In October, BharatPe facilitated loans exceeding Rs 640 crore through its NBFC partners, a 36% increase year-over-year. Since late 2019, It has facilitated loans totaling over Rs 12,400 crore.
Expansion across payment products
Apart from annualized revenue, BharatPe has also seen an increase in its payment products, including a notable rise in transactions on its soundbox devices and a monthly TPV (Total Payment Volume) of over Rs 14,000 crore across its payment products.
BharatPe claims that its network now includes over 1.3 crore merchant partners across 450+ cities.
Scaling lending, POS, soundbox businesses
Nalin Negi, CFO and Interim CEO of BharatPe, said, "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."
Negi said that the company is boasting a monthly transaction count exceeding 37 crores. He also said that BharatPe will focus on scaling its 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," Negi added.
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