Fintech firm BharatPe has surpassed Rs 1,000 crore revenue mark on a consolidated basis in FY23, according to the company’s financial statements reviewed by Entrackr.
BharatPe’s revenue from operations jumped over 2X to Rs 1,029 crore in FY23 as compared to Rs 457 crore during FY22, its annual financial statement shared with its stakeholders reveals. Its non-operating revenue (interest and gains on financial assets), however, slipped 38% to Rs 139 crore in FY23.
Taking the non-operating income into account, the company’s revenue increased nearly 72% to Rs 1,168 crore at the end of FY23.
Employee benefits cost for the firm went up 65% to Rs 304 crore during the year from Rs 185 crore in FY22. Other expenses for the company such as promotions, transaction processing, IT, and communication also rose around 36% during the year.
Finance cost for the Delhi-based firm shrank 78% to Rs 12 crore while depreciation and amortization expenses swelled 2.8X to Rs 106 crore in FY23. Subsequently, BharatPe’s EBITDA loss went up 9% to Rs 772 crore.
At the end, BharatPe’s loss after tax stood at Rs 941 crore during FY23 against Rs 834 crore in FY22. We excluded the loss worth 4,782 crore in FY22 which it incurred due to change in fair value of compulsory convertible preference shares.
BharatPe recently claimed that the company’s annualized revenue has crossed Rs 1,500 crore, marking over 30% growth as compared to FY23. Additionally, it also brought down its EBITDA burn to Rs 60 crore per month in FY23.
To ramp up its revenue in FY24, the Tiger Global-backed firm is also launching a new vertical called BharatPe Money for merchants as well as consumer lending. Entrackr had exclusively reported this in November.