BharatPe achieves its new milestone of Highest-Ever Gross Revenue Of $23.5 Mn
BharatPe, a fintech unicorn that offers a QR code-based payment solution that allows merchants to accept digital payments from customers using popular payment methods like UPI (Unified Payments Interface), debit cards, and credit cards, achieved its highest-ever gross revenue of $23.5 million in August 2023, largely driven by revenue from its lending business and its expansion into services like Point of Sale devices.
The increase in revenue will help the company as it works towards going public, and this development follows a challenging year that saw the exit of one of its co-founders, Ashneer Grover.
BharatPe is experiencing a rise in its revenue, but it also highlighted that its EBITDA burn amounted to about $1.3 million in August. In the fiscal year 2022, the company reported a loss of INR 5,594 crore, and its dispute with former Managing Director Ashneer Grover has fueled controversies, with accounting practices being cited as a major contributor to these losses.
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Services Provided by Bharatpe
- Digital Payment Acceptance: BharatPe allows merchants to accept digital payments from customers. This includes payments made through various methods such as UPI (Unified Payments Interface), debit cards, credit cards, and other digital wallets.
- QR Code Payment: The company provides QR code-based payment solutions, making it convenient for businesses to receive payments from their customers. Customers can scan the QR code and make payments easily.
- Cashback and Rewards: BharatPe offers cashback and reward programs for both merchants and customers, incentivizing them to use the platform for transactions. This can be an attractive feature to encourage the adoption of digital payments.
- Small Business Loans: BharatPe ventured into providing small loans to merchants. This allows businesses to access working capital and finance for their operations.
- Inventory Management: The app may include features for inventory and sales management, helping businesses keep track of their products and sales.
- Point of Sale (PoS) Devices: BharatPe is known for its involvement in the PoS device market. They offer PoS machines to businesses for accepting card payments, along with integrated services.
- Business Accounting Integration: The app may provide integration with popular accounting software, making it easier for businesses to manage their finances and keep records.
Bharatpe Growth Opportunities
Despite these challenges, BharatPe is seeing substantial growth in its lending division, with Assets Under Management reaching $85 million as of August 2023. The company’s active merchant base has expanded from 1.8 million in 2021 to 3.1 million in August 2023.
BharatPe was among the early players in the Point of Sale (PoS) device market and has deployed approximately 200,000 PoS machines in 400 Indian cities. In August 2023, the company unveiled plans to expand its PoS business by introducing comprehensive inventory, billing, and payment solutions tailored to specific industry segments.
Furthermore, the company acquired a 51% stake in the Mumbai-based non-banking financial company (NBFC) Trillion Loans in May 2023, broadening its services to small businesses and retail customers. Despite internal conflicts and leadership changes, BharatPe’s growth in its lending and PoS businesses appears to be on an upward trajectory, positioning the company for a possible public listing.
