India's fintech player, BharatPe, on Tuesday announced that it has turned EBITDA positive in October 2023. Additionally, it shared that its annualised revenue has surged past Rs 1,500 crore, growth of 31 per cent from FY23, according to a release by the company. This financial milestone is attributed to consistent growth across all its business lines. 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.
This significant milestone in conjunction with strong growth is a testament to the efforts of the team, enabled by strategic guidance from the board. The company will continue taking strides toward being a market leading financial services platform for the 50 million small businesses across India. The company has experienced consistent growth in its lending vertical over the past several months. In October, it facilitated loans exceeding Rs 640 crores for its merchants in partnership with its NBFC partners, demonstrating a spike of 36 per cent YoY.
BharatPe has facilitated loans totaling over Rs 12,400 crores since its foray into this segment in late 2019. Additionally, it recorded growth across verticals, including its payment products. The company also saw remarkable growth in the number and amount of transactions done on its soundbox devices. BharatPe, in October, also recorded a monthly TPV of over Rs 14,000 crores across its diverse range of payment products.
Nalin Negi, CFO and interim CEO, BharatPe, said, "BharatPe was started with the vision of empowering millions of offline merchants and MSMEs across the country, with best-in-class fintech products. This milestone reflects the trust bestowed upon us by our vast network of over 1.3 crores merchant partners. October was a great month for us, we achieved significant growth with loans facilitated on our platform. Also, our digital payments verticals grew considerably, boasting a monthly transaction count exceeding 37 crores."