Domestic fintech company BharatPe has got a big relief. For the first time the company has experienced profit. It has become profitable for the first time in October 2023 after setup in 2018. CFO and interim CEO Nalin Negi announced the company's results on November 28. According to Bhasha news, fintech unicorn BharatPe's pre-tax income turned positive in October and annual revenue was more than Rs 1,500 crore.
Provided total loan facility of Rs 12,400 crore
According to the news, without mentioning the figures, BharatPe said in a statement that the credit for this goes to the continuous growth in all business areas. The company said its earnings before tax (EBITDA) turned positive in October 2023. Annual revenue is 31 percent higher than the previous financial year (April 2022 to March 2023). The firm said it has provided loan facilities totaling Rs 12,400 crore.
Continuous growth in loan sector
According to BharatPe, it has registered continuous growth in its loan sector in the last several months. In October it provided credit facilities worth over Rs 640 crore to its merchants in partnership with NBFC partners, a growth of 36 per cent year-on-year. BharatPe has provided total credit facilities of over Rs 12,400 crore since its entry into the space in late FY2019.
Trust of more than 1.3 crore merchant partners
BharatPe Chief Finance Officer (CFO) and Interim Chief Executive Officer (CEO) Nalin Negi said on this achievement that BharatPe was launched to provide best-in-class mobile banking services to millions of people doing offline business and MSMEs (Small, Cottage and Medium Enterprises) across the country. This was done with a view to strengthen with fintech products. This achievement reflects the trust placed in us by our vast network of over 1.3 crore merchant partners.
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