NEW DELHI: Fintech unicorn BharatPe on Tuesday said that it has turned EBITDA positive in the month of October. EBITDA refers to earnings before interest, taxes, depreciation and amortisation and is a metric of operational profitability. With investors getting selective in terms of fund allocation into companies and pressing portfolio firms to become financially prudent, startups are trying to rein in expenses and move towards profitability. “The company has significantly cut down its burn which was averaging at Rs 60 crore per month in FY23—to attain EBITDA positivity,” BharatPe said in a statement.
The company claimed that all its business verticals have delivered decent growth, helping the startup surpass Rs 1,500 crore in annualised revenues, a growth of 31% over FY23. In October, BharatPe’s lending segment disbursed more than Rs 640 crore worth of loans to merchants in partnership with its NBFC partners while the payments business recorded total payment volume (TPV) of more than Rs 14,000 crore, the firm said. “Our digital payments vertical grew considerably, boasting a monthly (October) transaction count exceeding 37 crores. In the coming months, we will continue to we will focus on scaling our lending, POS and soundbox businesses,” said Nalin Negi, CFO and interim CEO at BharatPe. The startup, Negi said, will also launch new products for merchant partners.
Backed by investors like Peak XV Partners, Ribbit Capital and Insight Partners, BharatPe had last raised $370 million in 2021 at a valuation of $2.8 billion.
"Over the past two years, the company has expanded the board by adding strong independent directors, secured key licenses from RBI, attracted top financial services and technology talent and set in place a strong internal governance framework. These steps combined with strong execution by the team puts BharatPe firmly on a path where it is gearing up to be a public company,” said Harshjit Sethi, MD at Peak XV.
BharatPe said that it aims to build a sustainable business with growth across business lines.
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