Priyanka Tiwari
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Peak XV Partners-backed BharatPe has reported a significant financial turnaround, posting an EBITDA-positive result and cutting its net losses in the first nine months of FY25. The fintech firm, known for its merchant payment solutions, saw its consolidated net loss narrow to ₹148.8 crore, down from ₹492 crore in the same period last year, according to India Ratings and Research.
EBITDA Turns Positive, Revenue Surpasses FY24 Total
BharatPe achieved an EBITDA breakeven—excluding ESOP expenses—for the first time in Q3 FY25. Revenue for the April–December 2024 period stood at ₹1,787.8 crore, already surpassing the full-year FY24 revenue of ₹1,534.4 crore.
CEO Nalin Negi had previously indicated that full-year EBITDA profitability was within reach for FY25. “Since turning EBITDA positive in October 2024, we've focused on scaling revenue and improving cost efficiency,” he said in a Moneycontrol interview.
Trillion Loans: Driving Profitability Through Lending
BharatPe’s growth has been strongly supported by its NBFC subsidiary, Trillion Loans, which focuses on unsecured merchant lending. BharatPe currently owns a 62.26% stake in Trillion Loans and plans to raise it to 100% over the next three years, pending regulatory approvals.
Operating through BharatPe Money, the fintech uses transaction data and QR-based cash flow insights to screen potential borrowers before referring them to Trillion Loans or other co-lending partners.
As of December 2024, Trillion Loans’ AUM reached ₹1,154.5 crore, nearly doubling over two years. BharatPe accounted for around 76% of this AUM, with the rest contributed by LSPs like Ninjacart, GetVantage, Gokwik, Velocity, and Credflow.
Profit Surge and Capital Infusion
Trillion Loans posted a profit of ₹29.7 crore in the first nine months of FY25, following a ₹36.5 crore profit in FY24. This marked a major turnaround from its ₹15.3 crore loss in FY23. Return on assets reached 3.2%, while return on equity stood at 13.64%.
To fuel this growth, BharatPe has infused around ₹280 crore into Trillion Loans, including ₹48.4 crore in January 2025.
IPO and Capital Strategy Ahead
Looking ahead, BharatPe is considering multiple capital-raising strategies. These include reducing its stake in Unity Small Finance Bank or launching an IPO. “We are financially sound and EBITDA positive. An IPO is the next milestone we’re seriously evaluating,” Negi said.
Other prominent investors in BharatPe include Tiger Global, Ribbit Capital, Insight Partners, Amplo, Beenext, Coatue Management, Dragoneer Investment Group, Steadfast Capital, and Steadview Capital.
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