Sunday, May 19, 2024
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Fintech unicorn BharatPe’s losses have increased to INR 5,594 crore in FY22 from INR 1,619 crore in FY21, according to a statement from the company. However, BharatPe noted that the total loss includes an “extraordinary item” of INR 4,782 crore related to the loss in fair value of compulsorily convertible preference shares. “This is not an operating loss but only a change in fair value. Excluding this, the operating loss is INR 811 crore,” the company said. BharatPe’s revenue grew 169% to INR 321 crore from INR 119 crore in the previous year, driven by payment volumes on Point of Sale and lending referrals.

BharatPe announced at its AGM on December 31 that CEO Suhail Sameer will step down on January 3. The company has not yet filed a financial statement with the Ministry of Corporate Affairs. According to a report by Tracxn, BharatPe’s expenses in FY21 were INR 1,804 crore. Despite its losses, the company continues to invest in new businesses, including PostPe and Swipe, which are currently in the investment phase and have impacted the company’s short-term operating performance. “We were facilitating INR 350 crore a month disbursal on average in last fiscal and today, our monthly disbursal is at about INR 1,200 crore across the products. We facilitated disbursals of nearly INR 4,500 crore in 2021-22 and are on track to do INR 15,000 crore across merchant and consumer side this year and remain on track to be operationally positive in next few months,” BharatPe said.

During the AGM on December 31, Ashneer Grover and his wife Madhuri also attended. Throughout the three-hour meeting, Grover is said to have displayed “unruly, intimidating and threatening behaviour” towards the authorized representatives and employees of BharatPe.

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