What are the factors behind BharatPe’s FY23 net loss that has increased to Rs 941 crore
BharatPe, a fintech major has witnessed an increase in net loss to Rs 941 crore during the financial year 2023 (FY23), as compared to the preceding fiscal which was Rs 834 crore. Notably, this surge has been attributed to the exclusion of the Rs 4,782 crore loss which has been incurred in FY22 due to changes in the fair value of compulsory convertible preference shares. As per the report of Entrackr which has been citing BharatPe’s annualized financial statement which was shared with shareholders.
Robust Revenue Growth
BharatPe has reported revenues from operations at Rs 1,029 crore for FY23, marking a considerable two-fold growth from FY22. This growth highlights the company’s performance in the fiscal year.
Non-operating revenue moderation
As per the reports, BharatPe has reportedly experienced a 38% year-on-year moderation in non-operating revenue, which amounted to Rs 139 crore in FY23.
Positive EBITDA achieved in October 2023
The company achieved a positive EBITDA in October, which was supported by an annualized revenue of Rs 1,500 crore. This further represents an overall increase of 31% in the corresponding period in 2022, attributed to higher growth in the lending and payments business.
Strategic reduction in cash burn
The fintech startup has strategically reduced its cash burn, with an average of Rs 60 crore per month in 2022-23, for attaining a positive EBITDA. This achievement is further indicative of BharatPe’s effort to manage financial sustainability.
CFO’s perspective on milestone and growth
Nalin Negi, who is the CFO and interim CEO of BharatPe, stated, “This milestone reflects the trust bestowed upon us by our vast network of over 1.3 crore merchant partners. October was a great month for us — we achieved significant growth with loans facilitated on our platform.”
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Inputs from IANS
Latest Technology News
BharatPe, a fintech major has witnessed an increase in net loss to Rs 941 crore during the financial year 2023 (FY23), as compared to the preceding fiscal which was Rs 834 crore. Notably, this surge has been attributed to the exclusion of the Rs 4,782 crore loss which has been incurred in FY22 due to changes in the fair value of compulsory convertible preference shares. As per the report of Entrackr which has been citing BharatPe’s annualized financial statement which was shared with shareholders.
Robust Revenue Growth
BharatPe has reported revenues from operations at Rs 1,029 crore for FY23, marking a considerable two-fold growth from FY22. This growth highlights the company’s performance in the fiscal year.
Non-operating revenue moderation
As per the reports, BharatPe has reportedly experienced a 38% year-on-year moderation in non-operating revenue, which amounted to Rs 139 crore in FY23.
Positive EBITDA achieved in October 2023
The company achieved a positive EBITDA in October, which was supported by an annualized revenue of Rs 1,500 crore. This further represents an overall increase of 31% in the corresponding period in 2022, attributed to higher growth in the lending and payments business.
Strategic reduction in cash burn
The fintech startup has strategically reduced its cash burn, with an average of Rs 60 crore per month in 2022-23, for attaining a positive EBITDA. This achievement is further indicative of BharatPe’s effort to manage financial sustainability.
CFO’s perspective on milestone and growth
Nalin Negi, who is the CFO and interim CEO of BharatPe, stated, “This milestone reflects the trust bestowed upon us by our vast network of over 1.3 crore merchant partners. October was a great month for us — we achieved significant growth with loans facilitated on our platform.”
ALSO READ: Vi collaborates with Gameloft to bring a diverse range of games to the users
Inputs from IANS
Latest Technology News
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