BharatPe Group, a leading fintech company in India, has announced impressive revenue growth for 2024 (FY24). The group saw significant growth in several areas, particularly in its revenue from operations, which increased by 39% year-on-year (YoY), going from Rs. 1,029 crores to Rs. 1,426 crores. Additionally, BharatPe reduced its EBITDA loss before share-based payments by a remarkable 75%, dropping from Rs. 826 crores to Rs. 209 crores. The group’s loss before tax also improved, being cut in half from Rs. 941 crores to Rs. 474 crores.
Cash Burn Reduction
One of the highlights of the company’s performance is the drastic reduction in its cash burn, which fell by 85% YoY. BharatPe has strengthened its role as a key provider of credit for merchants and small businesses, with its merchant lending portfolio growing by 40% compared to the previous year. The company also made progress in the payments sector, introducing the Android POS for merchants and seeing continued success with its soundbox devices.
Remarks on FY24 Success
Nalin Negi, CEO of BharatPe, expressed his satisfaction with the company’s performance in FY24. He highlighted that BharatPe has become the preferred fintech partner for millions of offline merchants across India. He noted the significant growth in various business segments and emphasized the company’s commitment to helping merchants and SMEs gain credit access.
Negi also mentioned that FY24 was a milestone year as BharatPe became EBITDA positive in October 2024. The company’s efforts to reduce cash burn and build a sustainable business are paying off, and BharatPe has successfully partnered with renowned financial institutions to provide credit to merchants, which he described as a validation of their business model.
Future Plans for BharatPe
Looking ahead, BharatPe plans to focus on expanding its lending services and launching new products, including more offerings for POS and soundbox devices. The company is also looking to grow its consumer vertical. BharatPe aims to continue building its reputation in the fintech industry, helping both merchants and consumers, and contributing to the vision of a Viksit Bharat (Developed India).
