In the first nine months of the current fiscal year (April to December), fintech startup BharatPe's net losses decreased from Rs. 492 crore in FY24 to Rs. 148.8 crore. In 9M FY25, the business also broke even at the EBITDA level after accounting for employee stock options.
Trillion Loans Fintech, BharatPe's non-banking financial business, made a net profit of Rs. 29.6 crore during the first three quarters of the current fiscal year, up from Rs. 36.5 crore in FY24, according to India Ratings & Research. But in FY23, the business reported a loss of Rs. 15.2 crore.
Trillion Loans is an RBI-registered NBFC that was established in 2018 and specializes in lending to MSMEs with products like term loans, merchant loans, and revenue-based financing. In 2021, NDX Financial Services purchased it. BharatPe purchased a 51% share in TFPL in April 2023; via further investments, this ownership grew to 62.26% by the end of 2025. Subject to regulatory clearance, BharatPe also intends to raise its ownership to 100% during the next three years.
Regarding its earnings, BharatPe determines loan eligibility by analyzing merchant cash flows using QR codes and additional criteria. After that, it provides TFPL with qualified leads, assisting TFPL in more precisely determining creditworthiness. By December 2024, BharatPe had 76% of TFPL's total AUM, up from Rs. 869 crore in FY24 to Rs. 1,154 crore in the first nine months of FY25.
After the dispute with former founder Ahneer Grover, BharatPe does appear to be getting back on track, but the company has not done much with the money it raised. Perhaps a far more focused and cautious strategy will lead to true profitability in FY26, but the company still has a long way to go before it can once again rank among the leading NBFCs in the market as it promised. Before everything went wrong, filling the Ashneer-sized hole would have seemed like the simple part of a quest to become the hype generator the company was. This is also due to the fact that investors who are willing to wait longer than they ever anticipated for a return now will find it extremely difficult to raise money for new projects, no matter how alluring they may seem.
