BharatPe’s FY22 revenue jumps 169%; loss widens to Rs 5,594 crore

The New Delhi-based startup said the widening losses were due to a change in the fair value of its compulsory convertible preference shares (CCPS) worth Rs 4,782 crore.

“This is not an operating loss but only a change in the fair value (from Rs 1,342 crore last year). Excluding this, operating loss is Rs 811 crore (against Rs 277 crore last year),” the company said in a statement. “This item is one-off and shall not be there from next year as we have now reclassified the compulsory convertible preference shares from liability to equity,” it added.

BharatPe’s revenue growth was driven by payment volumes on point-of-sale machines and lending referrals.

“We were facilitating Rs 350 crore a month in disbursals on average in the last fiscal, and today, our monthly disbursal is at around Rs 1,200 crore across all the products,” it said.

“We facilitated disbursals of around Rs 4,500 crore in 2021-22 and are on track to clock Rs 15,000 crore across merchant and consumer sides this year… we remain on track to be operationally positive in the next few months,” BharatPe added.

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The four-year-old startup said it would continue to invest in new businesses.
“Some of these businesses like PostPe (started second half of FY22) and scaling up of Swipe business, which started a year earlier, are still in an investment phase and therefore impacted the short-term operating performance,” BharatPe said.

The Sequoia Capital and Tiger Global-backed company, which has seen a spate of senior-level exits including
CEO Suhail Sameer earlier this week, has yet to file its financial statements with the Registrar of Companies.

The company has appointed chief financial officer Nalin Negi as the interim CEO.

Over the past month, BharatPe has undertaken three separate legal actions against cofounder Ashneer Grover, including a c
ivil suit at the Delhi High Court, a criminal complaint with the Economic Offences Wing and an
arbitration under Singapore International Arbitration Centre (SIAC) rules to clawback his restricted shareholding.

In its civil and criminal suits, BharatPe has accused Grover and wife Madhuri Jain of embezzling funds from the company to the tune of Rs 81.28 crore.

In a fresh brawl, cofounder Grover has shot off a letter alleging that the company’s general counsel Sumeet Singh had threatened him during its annual general meeting on December 31.