BharatPe’s revenue rises 182% in FY23, loss at ₹886 crore – Times of India

BharatPe’s revenue rises 182% in FY23, loss at ₹886 crore - Times of India

New Delhi: Fintech A unicorn Bharat PK Income 904 crores from operations. FY 23 321 crore in FY22, year-on-year enrollment Development 182 percent, the company said in a statement on Tuesday.
The startup claimed that its Disadvantages Pre-tax fell from Rs 5,594 crore in FY22 to Rs 886 crore in FY23. CFO and interim CEO Nalin Negi said the firm’s strategy from here on out will be to focus on sustainable profitability.
The Gurgaon-based startup, which is backed by investors like Pack XV Partners, Rabbit Capital and Insight Partners, said last month that it has turned EBITDA positive in October 2023. EBITDA refers to earnings before interest, taxes, depreciation and amortization and is a metric of operational profitability. In FY23, the firm was able to reduce its EBITDA losses by around Rs 158 crore, the startup said without disclosing further details.
With investors putting pressure on companies to allocate funds and portfolio firms to become financially savvy, startups are trying to rein in costs and move toward profitability. India pVertical lending continued to perform well with the commercial lending division witnessing a 129% growth in loan disbursements in FY23.
The startup last raised $370 million in 2021 at a valuation of $2.8 billion.

Business news,A unicorn,Income,Disadvantages,Development,FY 23,India p

Be the first to comment

Leave a Reply

Your email address will not be published.