Friday, February 23rd, 2024

BharatPe got peace, made profit for the first time in October 2023 after 5 years of establishment


Photo:FILE The company’s annual revenue has crossed ₹1,500 crore.

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 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.

Latest Business News



Whatsapp GroupJoin
Telegram channelJoin

If you want to keep FASTag active then complete this work today itself, otherwise toll will not be deducted even if there is balance – Presswire18 English

Photo:FILE The deadline for Fastag KYC is 31 January. FASTag KYC Deadline: If you also use Fastag in your vehicle, then this news is for you. The National Highway Authority of India (NHAI) has...

Indian Rupee heats up due to boiling of crude oil, reaches record low of 83.26

Photo:PIXABAY indian rupee The continuous sharp trend in the price of Crude Oil in the international market is troubling the Indian Rupee (INR). The increased price of Crude Oil has brought the Rupee (Dollar...

Honda will introduce two EVs in FY2024

Manesar. Honda Motorcycle & Scooter India, a leading two-wheeler maker, today announced the launch of two electric vehicles in FY2024. Along with this, the company has set a target of reaching 1 million electric...