Fintech Unicorn BharatPe’s Losses Widen to Rs 5,594 Crore in FY22 – The New Indian Express

Of Express News Service

BENGALURU: Fintech unicorn BharatPe’s loss has jumped to Rs 5,594 crore in FY22 from Rs 1,619 crore in FY21. However, the company said the total loss includes an extraordinary item relating to loss in a change in fair value of compulsorily convertible preference shares of Rs 4,782 crore.

“This is not an operating loss, but only a change in fair value. Apart from this, the operating loss is Rs 811 crore, it said. The financial results were discussed during the company’s general meeting on 31 December, and the company announced that CEO Suhail Sameer will step down on 3 January. BharatPe is yet to submit an accounting notification to the corporate ministry.

Revenue grew 169% to Rs 321 crore from Rs 119 crore in the previous year. The income is driven by payment volumes at points of sale and loan referrals. As per the Tracxn report, the company’s expenses in FY21 stood at Rs 1,804 crore. BharatPe continues to invest in new ventures. It said some of the businesses such as PostPe, which started in the second half of FY22 and the Swipe business, are still in an investment phase and therefore impacted the short-term operating profit.

READ ALSO | BharatPe CEO steps down, CFO Nalin Negi to become interim CEO

“We facilitated disbursements of Rs 350 crore a month on average in the last financial year and today our monthly disbursement is around Rs 1,200 crore across products. We facilitated disbursements of nearly Rs 4,500 crore in 2021-22 and are on track to do Rs 15,000 crore across the merchant and consumer sides this year and remain on track to be operationally positive over the next few months , it says.

READ ALSO | BharatPe files for arbitration to reclaim Grover’s 1.4 percent shares

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

</p> <p>BENGALURU: Fintech unicorn BharatPe’s loss has jumped to Rs 5,594 crore in FY22 from Rs 1,619 crore in FY21. However, the company said the total loss includes an extraordinary item relating to loss in a change in fair value of compulsorily convertible preference shares of Rs 4,782 crore. “This is not an operating loss, but only a change in fair value. Apart from this, the operating loss is Rs 811 crore, it said. The financial results were discussed during the company’s general meeting on 31 December, and the company announced that CEO Suhail Sameer will step down on 3 January. BharatPe is yet to submit an accounting notification to the corporate ministry. Revenue grew 169% to Rs 321 crore from Rs 119 crore in the previous year. The income is driven by payment volumes at points of sale and loan referrals. As per the Tracxn report, the company’s expenses in FY21 stood at Rs 1,804 crore. BharatPe continues to invest in new ventures. It said some of the businesses such as PostPe, which started in the second half of FY22 and the Swipe business, are still in an investment phase and therefore impacted the short-term operating profit. READ ALSO | BharatPe CEO steps down, CFO Nalin Negi to become interim CEO “We facilitated disbursements of Rs 350 crore a month on average last fiscal and today our monthly disbursement is around Rs 1,200 crore across products .We facilitated disbursements of nearly Rs 4,500 crore in 2021-22 and are on track to do Rs 15,000 crore across the merchant and consumer sides this year and remain on track to be operationally positive over the next months, it said. ALSO READ | BharatPe files for arbitration to get back Grover’s 1.4 percent stake Meanwhile, Ashneer Grover and his wife Madhuri also attended the AGM on December 31. During the three-hour meeting, Grover is said to have expelled unruly, intimidating and threatening behavior towards the authorized representatives and employees of BharatPe.<br />