BharatPe's Financial Leap: Turnaround with 50% Loss Reduction

BharatPe Group has significantly reduced its consolidated losses before tax by around 50% to Rs 474 crore in the fiscal year 2023-24. The company's revenue grew by 39% to Rs 1,426 crore. BharatPe achieved EBITDA positivity and reduced cash burn by 85%, focusing on sustainable profitability.

BharatPe Group announced a major financial turnaround on Wednesday, revealing a 50% reduction in its consolidated pre-tax losses to Rs 474 crore for the fiscal year 2023-24. This marks a sharp improvement from the Rs 941 crore loss reported in the previous year.

According to the company's statement, consolidated revenue from operations surged by 39%, reaching Rs 1,426 crore compared to Rs 1,029 crore in the prior year. BharatPe achieved a crucial milestone by becoming EBITDA positive in October 2024, significantly cutting down its cash burn in FY24.

The CEO, Nalin Negi, highlighted the firm's plans to scale its lending and consumer verticals while introducing new products across various platforms like POS and soundbox. The group's partnerships with well-known financial institutions to expand credit access to merchants underscore its growth strategy.

(With inputs from agencies.)