Fintech Startup BharatPe’s Announces FY24 Results, Revenue Up 39% to Rs 1,426 Cr, losses decline by 50%

BharatPe, a New Delhi-based fintech startup, announced a 39% growth in operating revenue for fiscal year 2024 (FY24), hitting Rs 1,426 crore from Rs 1,029 crore in FY23.

This growth demonstrates the company’s growing importance in the digital payments industry.

BharatPe’s revenue has increased steadily over the last three years, from Rs 119 crore in FY21 to the present Rs 1,426 crore in FY24, indicating its rapid growing potential.

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BharatPe also made considerable steps towards reducing its losses. The company’s overall loss before taxes fell by 50% to Rs 474 crore in FY24, from Rs 941 crore the previous year.

Furthermore, its consolidated EBITDA loss before share-based payment expenses fell 75%, from Rs 826 crore in FY23 to Rs 209 crore in FY24.

The company has managed to reduce its cash burn by 85%, showing a more sustainable approach to its operations.

BharatPe is continually increasing its product offerings to benefit both merchants and customers. The company relaunched its PostPe app as BharatPe, expanding its services into the consumer payments industry and directly competing with established companies such as PhonePe, Google Pay, and Paytm.

The fintech upstart has also expanded into secured lending, collaborating with OTO Capital and Vol Money to offer two-wheeler loans and loans against mutual funds, respectively.

Its average merchant lending portfolio increased by 40% year on year in FY24, showing a favorable response from clients and partners.

Nalin Negi, CEO of BharatPe, stated that FY24 was a year of “remarkable growth”. “In FY24, we remained committed to our objective and expanded loan access to offline retailers and SMEs across the country. The considerable growth over the last year demonstrates that our merchants respect what we have to offer.”

Looking ahead, BharatPe intends to expand its lending vertical and add other services to its product lines, including as point-of-sale (POS) terminals, soundboxes, and other consumer payment solutions.

According to CEO Nalin Negi, “FY24 was a watershed moment for us, as BharatPe achieved EBITDA profitability in October 2024. We are on pace to create a sustainable and successful business.”

Negi noted that BharatPe will continue to focus on expanding its loan offers to small and medium-sized companies (SMEs), as well as expanding its consumer market footprint.