BharatPe, a fintech startup, has grown dramatically over the last three fiscal years, boosting revenue from Rs 119 crore in FY21 to Rs 1,426 crore in the fiscal year ending March 2024. In its consolidated annual report for FY24, BharatPe reported a 39% year-on-year revenue rise, from Rs 1,029 crore in FY23 to Rs 1,426 crore in FY24. Furthermore, the company achieved great headway in decreasing losses, with consolidated losses falling by 50% to Rs 474 crore in FY24, from Rs 941 crore in FY23.

According to the press announcement, BharatPe's average merchant lending portfolio, which includes loans originated through its platform, increased by 40% year on year in the previous fiscal year. The company also had a positive EBITDA in October of this year.

"We significantly reduced our cash burn in FY24 and are on pace to create a sustainable and profitable firm. Over the last year, we've been able to collaborate with well-known financial institutions to provide merchants with credit access, which is tremendous validation for our business. Going forward, we plan to expand our lending vertical, create new solutions in POS and soundbox, and scale our consumer vertical," stated Nalin Negi, CEO of BharatPe.

In addition to cutting losses, BharatPe has expanded into new sectors to boost commercial growth. Recently, the business relaunched its PostPe app as BharatPe, indicating its entry into the consumer payments industry. This strategic decision puts BharatPe in direct rivalry with industry titans such as PhonePe, Google Pay, and Paytm in the peer-to-peer (P2P) payments space.

The fintech upstart has also expanded into secured financing for its merchant clients. Through collaborations with OTO Capital and Vol Money, BharatPe now offers two-wheeler loans and loans against mutual funds. Additionally, BharatPe has resolved its long-standing disagreement with former co-founder and managing director Ashneer Grover.