BharatPe Narrows Losses by 50% in FY24

New Delhi, Oct 16 (PTI) BharatPe Group on Wednesday said it has narrowed its consolidated losses before tax by about 50 per cent to Rs 474 crore in 2023-24.

It had reported losses of Rs 941 crore in FY23, according to a company statement.

The firm's consolidated revenue from operations rose by 39 per cent to Rs 1,426 crore in FY24 compared to Rs 1,029 crore in the previous financial year.

"FY24 was a milestone year for us as BharatPe turned EBITDA positive in October 2024. Also, we considerably slashed our cash burn in FY24 and are on track to build a sustainable and profitable business. 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," BharatPe CEO Nalin Negi said.

Going forward, he said the firm will focus on scaling its lending vertical, launching new offerings across POS, soundbox, and scaling its consumer vertical.

The group also reduced their cash burn by 85 per cent, the statement said.