Fintech unicorn BharatPe's consolidated loss before tax narrowed to Rs 474 crore in the financial year ended 2024 from Rs 941 crore a year ago, aided by a rise in revenue and lesser cash burn.
The company consolidated revenue from operations also rose 39% y-o-y to Rs 1,426 crore in the year ended FY24.
It claims to have reduced its consolidated cash burn by 85% on a yearly basis.
The Group’s consolidated earnings before interest, taxation, depreciation, and amortisation (EBITDA) loss before share-based payment expense also reduced to Rs 209 crore from Rs 826 y-o-y.
In the year under review, the company has strengthened its position as a credit enabler. It enhanced its offerings in the payments space with the launch of the Android POS for merchants.
The average merchant lending portfolio from loans originated through its platform grew by 40% year-on-year in FY24.
“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,” Nalin Negi, chief executive officer said.
Going forward, the company intends to focus on growing the lending vertical, launch new offerings across POS, soundbox, and scaling its consumer vertical.
On 30 September, the Peak XV Partners-backed company entered into an agreement to settle all disputes with co-founder Ashneer Grover and his family. As a part of the settlement, Grover has severed all ties with the company.