All of its business lines have consistently grown, which is responsible for this financial milestone.
Gurugram, Haryana, India – Business Wire India
Annualized revenue crosses Rs. 1,500 Cr.
facilitated loans of more than Rs. 640 crores to its merchants on its platform in October, a 36% increase year over year.
One of the top fintech companies in India, BharatPe, revealed today that it achieved positive EBITDA in October 2023.
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It also disclosed that, up 31% from b, its annually income has surpassed Rs. 1,500 Cr. All of its business lines have consistently grown, which is responsible for this financial milestone. In order to achieve EBITDA positivity, the company has also drastically reduced its EBITDA burn, which was averaging Rs. 60 Cr per month in FY23. This noteworthy accomplishment, along with robust expansion, is a tribute to the team’s work, made possible by the Board’s strategic direction. The business will keep working to establish itself as the industry’s top platform for financial services for India’s 50 million small enterprises.
Over the past few months, the company’s lending vertical has consistently grown. Together with its NBFC partners, it enabled loans totaling more than Rs. 640 crores for its merchants in October, showing a 36% year-over-year increase. Since entering this market in late 2019, BharatPe has facilitated loans worth more than Rs. 12,400 crores. It also experienced growth in all verticals, including payment products. The volume and number of transactions made on the company’s soundbox devices also increased noticeably. Across its wide variety of payment options, BharatPe reported a monthly TPV of more of Rs. 14,000 crores in October.
“The goal of BharatPe’s founding was to provide best-in-class fintech products to millions of offline retailers and MSMEs nationwide,” stated Nalin Negi, the company’s interim CEO and CFO in remarks marking the milestone. This accomplishment is a testament to the confidence our large network of more than 1.3 crore merchant partners has placed in us. We had a fantastic month of October thanks to the loans that were made possible by our platform. Additionally, our verticals for digital payments expanded significantly, with a monthly transaction volume of more than 37 crores. We’ll keep serving the requirements of both consumers and merchant partners, and maintaining long-term profitability across all of our business lines will remain our primary strategic goal.
We’ll concentrate on growing our lending, POS, and soundbox companies in the upcoming months. We will prioritize the growth of our consumer and NBFC businesses while simultaneously focusing on the introduction of new products designed specifically for our merchant clients.”
“This success is a result of our team’s commitment and diligence,” Nalin went on. I want to congratulate each and every BharatPe team member on reaching this significant goal. We are steadfast in our resolve to create a long-lasting company that expands into new business sectors. We’ll keep working to increase financial inclusion in India so that more offline merchant enterprises are empowered. Our objective is to make BharatPe one of the biggest merchant-first fintech businesses in the nation.
About BharatPe Group
In order to enable financial inclusion for Indian retailers, BharatPe was established in 2018. The first 0% MDR payment acceptance service and the first UPI-interoperable QR code in India were introduced by BharatPe in 2018. Following the release of COVID-19, BharatPe introduced the BharatPe Swipe card acceptance terminal in 2020. Currently processing over 370 million UPI transactions, the company is one of the major players in UPI offline transactions, with a registered network of over 1.3 crore merchants spread over 450+ locations. The business handles payments totaling more than Rs. 1.7 Lac Crores in yearly Transaction Processed Value. In collaboration with NBFCs, the company has already made it possible for loans totaling more than Rs. 12,400 crores to be disbursed.
The POS division of BharatPe uses its devices to handle payments of more than Rs. 29,000 crores every year. Over $583 million in equity has been raised by BharatPe thus far. Peak XV Partners (formerly known as Sequoia Capital India), Ribbit Capital, Insight Partners, Amplo, Beenext, Coatue Management, Dragoneer Investment Group, Steadfast Capital, Steadview Capital, and Tiger Global are among the notable investors in the company.
In June 2021, the company announced the acquisition of PAYBACK India (Rebranded to Zillion), the country’s largest multi-brand loyalty program company with 100 million+ members. In October 2021, the Reserve Bank of India (RBI) granted a Small Finance Bank (SFB) license to the Centrum Financial Services Limited (Centrum) and BharatPe consortia. Moreover, BharatPe joined the Buy Now Pay Later (BNPL) market in October 2021 with the introduction of postpe. Postpe is downloaded more than 15 million times. The Reserve Bank of India (RBI) gave BharatPe Group its approval in principle to function as an online payment aggregator in January 2023. Additionally, BharatPe is a promoter of the well-known NBFC (Non-Banking Financial Company) TrillionLoans. Please visit https://bharatpe.com/ for further information.
Media Contact Details
Akanksha Jain (Head- PR and Communications), BharatPe, akanksha@bharatpe.com, +91-9871900447; Oeindrila Biswas (Sr Account Director), Avian WE, oeindrila@avianwe.com, +91-8447776880