Tiger Global-backed BharatPe claims positive EBITDA in Oct 2023

Fintech unicorn BharatPe today announced that it has turned EBITDA positive in October 2023. Moreover, the company’s annualized revenue has crossed Rs 1,500 crore, marking over 30% growth as compared to FY23.

Additionally, BharatPe also brought down its EBITDA burn to Rs 60 crore per month in FY23, the company said in a press release.

As per BharatPe, it facilitated loans worth Rs 640 crore to merchants in partnership with its NBFCs, demonstrating a spike of 36% year-on-year. Since the launch of this segment, BharatPe has provided loans worth over Rs 12,400 crores.

BharatPe’s growth across verticals turned out to be the main cause of the achievement including its payment products and growth in the number and amount of transactions done on its soundbox devices.

During October, the Delhi-based company also recorded a monthly TPV of over Rs 14,000 crores across its diverse range of payment products.

This comes weeks after Entrackr exclusively reported that BharatPe CPO Ankur Jain quit to start his own venture. In July, the company appointed Pankaj Goel as its chief technical officer (CTO), filling the position after a gap of seven months.

Ever since the resignation of Ashneer Grover in March 2022, BharatPe witnessed back-to-back exits which include co-founder Bhavik Kodaliya, chief executive officer Suhail Sameer, chief revenue officer Nitish Sharma and head of institutional debt partnership Chandrima Dhar.

In May this year, BharatPe acquired a majority 51% stake in Trillion Loans, a Mumbai-based non-banking financial corporation (NBFC).