BharatPe Group on Wednesday said it has reduced its consolidated loss before tax by about 50 percent to Rs 474 crore in 2023-24. It had reported a loss of Rs 941 crore in FY23, according to a company statement.
The company’s consolidated income from operations rose 39 percent to Rs 1,426 crore in FY24 compared to Rs 1,029 crore in the previous financial year.
“FY24 has been a milestone year for us as BharatPe has made EBITDA positive by October 2024. Also, we have significantly reduced our cash burn in FY24 and are on track to build a stable and profitable business. In the past year, we have been able to collaborate. and reputed financial institutions to extend credit access to retailers, which is a positive endorsement of our business,” said BharatPe CEO Nalin Negi.
Going forward, he said the company will focus on expanding its vertical lending, introducing new offerings across POS, soundbox, and targeting its consumer directly.
The group also reduced its cash burn by 85 percent, the statement said.
