BENGALURU: Fintech unicorn BharatPe’s losses have jumped to Rs 5,594 crore in FY22 from Rs 1,619 crore in FY21. However, the company said total loss includes an extraordinary item pertaining to loss in a change in fair value of compulsorily convertible preference shares amounting to Rs 4,782 crore.
“This is not an operating loss but only a change in fair value. Excluding this, the operating loss is Rs 811 crore,” it said. The financial results were discussed during the company’s AGM on December 31, and the company announced that its CEO Suhail Sameer is stepping down on January 3. BharatPe is yet to file a financial statement with the Ministry of Corporate Affairs.
Its revenue grew 169% to Rs 321 crore from Rs 119 crore in the previous year. The revenue is driven by payment volumes on Point of Sale and lending referrals. As per the Tracxn report, the company’s expenses in FY21 stood at Rs 1,804 crore. BharatPe continues to invest in new businesses. It said some of its businesses such as PostPe, which started in the second half of FY22 and Swipe business are still in an investment phase and therefore impacted the short-term operating performance.
“We were facilitating Rs 350 crore a month disbursal on average in last fiscal and today, our monthly disbursal is at about Rs 1,200 crore across the products. We facilitated disbursals of nearly Rs 4,500 crore in 2021-22 and are on track to do Rs 15,000 crore across merchant and consumer side this year and remain on track to be operationally positive in next few months,” it said.
Meanwhile, Ashneer Grover and his wife Madhuri also joined AGM on December 31. Throughout the three-hour-long meeting, it is said Grover exhibited unruly, intimidating and threatening behaviour towards the authorised representatives and employees of BharatPe.