BharatPe achieves breakeven at EBITDA level in first 9 months of FY25

Fintech unicorn BharatPe’s net losses declined to Rs 148.8 crore in the first nine months of the current fiscal year (Apr-Dec) from Rs 492 crore in FY24. The company also achieved a break-even at the EBITDA level (adjusting for employee stock options) in 9M FY25.

According to India Ratings and Research, BharatPe’s non-banking financial subsidiary, Trillion Loans Fintech, reported a net profit of Rs 29.6 crore in the first three quarters of the current fiscal year, compared to Rs 36.5 crore in FY24. However, the company had recorded a loss of Rs 15.2 crore in FY23.

Founded in 2018, Trillion Loans is an RBI-registered NBFC specializing in lending to MSMEs through products such as merchant loans, revenue-based financing, and term loans. It was acquired by NDX Financial Services in 2021. In April 2023, BharatPe acquired a 51% stake in TFPL, which later increased to 62.26% by the end of 2025 through additional investments. BharatPe also plans to increase its stake to 100% in the next three years, subject to regulatory approval.

Coming to its revenue, BharatPe checks merchant cash flows through QR and other factors to decide loan eligibility. It then shares qualified leads with TFPL, helping TFPL assess creditworthiness more accurately. By December 2024, BharatPe accounted for 76% of TFPL’s total AUM, which increased to Rs 1,154 crore in the first 9 months of FY25, compared to Rs 869 crore in FY24.

Ind-Ra has rated Trillion Loans' Rs 250 crore bank loans at ‘BBB+’ with a stable outlook, citing its competitive edge as a BharatPe subsidiary.

At the consolidated level, BharatPe has raised over $583 million in equity from the likes of Peak XV Partners, Tiger Global, Ribbit Capital, Insight Partners, Amplo, Beenext, Steadview Capital, and others. 

The company is also planning to launch an IPO within the next 18–24 months.

BharatPe certainly seems closer to a complete cleanup after the fracas with ex-founder Ahneer Grover, but on the flip side, the firm has little to show for the investments it raised. A much more conservative and focused approach will take it to actual profitability in FY26 perhaps, but the firm has much more to do to regain a place among the top NBFC’s in the space as it promised to do. Filling up the Ashneer sized hole could soon like the easy part of a task to become the hype engine the firm was until it all went south.  That is also simply because raising funding for fresh initiatives, however attractive they might sound will be very tough for investors resigned to a longer wait than they ever expected for a return now.