BharatPe turns EBITDA positive
Clocks October 2023 as first profitable month
image for illustrative purpose
New Delhi: Fintech unicorn BharatPe on Tuesday announced that it has turned EBITDA positive in October with annualised revenue crossing Rs 1,500 crore.
Without giving out the actual number, BharatPe in a statement said the financial milestone was attributed to consistent growth across all business lines. Earnings before interest, taxes, depreciation, and amortization (EBITDA) is a measure of core corporate profitability. The fintech, which allows merchants to accept payments from any of the several apps popular among consumers, “has turned EBITDA positive in October 2023”, the statement said, adding its annualised revenue has surged past Rs 1,500 crore, registering a growth of 31 per cent from FY23 (April 2022 to March 2023 fiscal year).
“The company has also significantly cut down its EBITDA burn -- which was averaging at Rs 60 crore per month in FY23 -- to attain EBITDA positivity,” it said. BharatPe said it experienced consistent growth in its lending vertical over the past several months. In October, it facilitated loans exceeding Rs 640 crore for its merchants in partnership with its NBFC partners, a spike of 36 per cent year-on-year. BharatPe has facilitated loans totalling over Rs 12,400 crore since its foray into this segment in late 2019.
