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BharatPe revenue climbs to Rs 1,426 Cr in FY24, losses shrink 50%

EntrackrEntrackr · 10m ago
BharatPe revenue climbs to Rs 1,426 Cr in FY24, losses shrink 50%
Medial

Fintech firm BharatPe has demonstrated remarkable growth over the past three fiscal years, with revenue increasing 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 claimed a 39% year-on-year revenue increase, rising from Rs 1,029 crore in FY23 to Rs 1,426 crore in FY24. Additionally, the company made significant progress in reducing losses, with consolidated losses dropping by 50% to Rs 474 crore in FY24, down from Rs 941 crore in FY23. According to the press release, BharatPe’s average merchant lending portfolio, generated from loans facilitated through its platform, grew by 40% year-on-year in the last fiscal year. The company also achieved positive EBITDA in October of this year. “We considerably slashed our cash burn in FY24 and are on track to build a sustainable and profitable business. Over the last year, we have been able to partner with renowned financial institutions to extend credit access to merchants, which is a great validation for our business. Going forward, we will focus on growing our lending vertical, launching new offerings across POS, soundbox, and scaling our consumer vertical,” said Nalin Negi, CEO of BharatPe. In addition to reducing losses, BharatPe has diversified into new categories to drive business growth. Recently, the company rebranded its PostPe app to BharatPe, marking its entry into the consumer payments space. This strategic move places BharatPe in direct competition with industry giants like PhonePe, Google Pay, and Paytm in the peer-to-peer (P2P) payments ecosystem. The fintech unicorn has also ventured into secured lending for its merchant partners. Through partnerships with OTO Capital and Vol Money, BharatPe now facilitates two-wheeler loans and loans against mutual funds, respectively. Additionally, BharatPe has resolved its longstanding dispute with former co-founder and managing director Ashneer Grover.

Unity Bank and BharatPe to launch EMI-driven credit card

EntrackrEntrackr · 19h ago
Unity Bank and BharatPe to launch EMI-driven credit card
Medial

BharatPe, a financial services and UPI payments company, has announced the launch of Unity Bank BharatPe Credit Card, in partnership with Unity Small Finance Bank (Unity Bank). The card brings industry-first features designed to make everyday payments including groceries, bill payments, travel, utilities, insurance premiums, and lifestyle spends, both online & offline, smarter and more rewarding. Offered on National Payments Corporation of India (NPCI) RuPay network, the card can be seamlessly linked to UPI, enabling secure and convenient payments across millions of merchants in India. With a zero-fee structure, the card does away with all hidden costs. There are no joining charges, annual fees, processing charges, or foreclosure penalties. Customers also enjoy the flexibility to prepay their EMIs anytime without penalties, making credit access transparent and stress-free. The card offers flexible EMI options of up to 12 months, helping customers manage big-ticket purchases with ease. What truly sets it apart is its unlimited flat 2% rewards (Zillion Coins) on every transaction upon EMI conversion, across all merchant categories and platforms, without restrictions. Zillion Coins can be redeemed via the BharatPe app for brand vouchers, products, or even to pay credit card bills. Kohinoor Biswas, Head – Consumer Business at BharatPe, said, “Our focus has always been to make access to credit simple, transparent, and inclusive. With the Unity Bank BharatPe Credit Card, customers get a truly lifetime free card with no hidden charges. Moreover, linking RuPay Credit Card with UPI opens a multitude of convenient payment options for cardholders.” In April, BharatPe’s subsidiary Resilient secured final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This makes BharatPe one of the few Indian fintech companies to hold an NBFC license (through Trillion Loans), a stake in a small finance bank (Unity SFB), and now a payment aggregator license. Currently, with a registered network of over 2.5 million merchants across over 450 cities, BharatPe processes more than 500 million UPI transactions per month. It processes payments of a monthly Transaction Processed Value of Rs 12,000 crore.

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