BharatPe’s revenue jumped 169% to Rs 321 crore in the fiscal year ending March 31, 2022 (FY22), but fatalities touched Rs 5,594 crore in the same period, the fintech corporation said on Thursday.
The New Delhi-based startup supposed the widening losses were due to a modification in the fair value of its compulsory exchangeable partiality shares (CCPS) worth Rs 4,782 crore.
“This is not a functioning injury but only a change in the fair price (from Rs 1,342 crore last year). Excluding this, the effective loss is Rs 811 crore (against Rs 277 crore last year),” the company supposed in a statement. “This piece is a one-off and shall not be here from next year as we have nowadays reclassified the compulsory flexible preference shares from responsibility to equity,” it extra.
BharatPe’s revenue growth was determined by payment volumes on point-of-sale machines and giving referrals.
“We were enabling Rs 350 crore a month in disbursals on average in the last fiscal, and today, our monthly disbursement is at around Rs 1,200 crore crosswise all the products,” it said.
“We facilitated disbursements of around Rs 4,500 crore in 2021-22 and are on the pathway to clock Rs 15,000 crore across commercial and consumer sides this year… we remain on track to be operationally optimistic in the next few months,” BharatPe added.
The four-year-old startup said it would last to invest in new businesses.
“Around of these businesses like PostPe (started the second half of FY22) and climbing up of Swipe business, which ongoing a year earlier, are still in an investment stage and therefore impacted the short-term functioning performance,” Bharat said.
The Sequoia Capital and Tiger Global-backed business, which has seen a spate of senior-level exits with CEO Suhail Sameer earlier this work week, has yet to file its financial declarations with the Registrar of Companies.
The company has selected chief financial officer Nalin Negi as the provisional CEO.