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Fintech firm BharatPe narrowed its losses and nearly tripled its operating revenue in FY22-23 compared to the previous fiscal year, driven by substantial growth and strategic advancements across key business segments.

The Tiger Global-backed company reported Rs 886 crore in loss before tax for FY23, down from Rs 5,594 crore in the previous financial year. The firm’s total losses for FY22 had surged due to a change in the fair value of its Compulsory Convertible Preference Shares, amounting to Rs 4,782 crore.

Meanwhile, its operating revenue saw a surge of 181.6%, touching Rs 904 crore in FY23 compared to Rs 321 crore in FY22, BharatPe said in a statement.

The startup’s EBITDA loss decreased by about Rs 158 crore. EBITDA (earnings before interest, taxes, depreciation and amortisation) is a measure of core operational efficiency.

BharatPe said its merchant lending grew as it recorded a 129% increase in loans, totalling Rs 5,339 crore. Its Swipe business saw a 63% rise in total payment volume, and it installed 800,000 new soundbox devices in FY23.

“Going forward, our strategic focus is on sustained profitability, scaling lending, POS, and soundbox businesses, and launching new merchant-centric products,” Nalin Negi, CFO and Interim CEO of BharatPe said, adding that the company is committed to building a sustainable business and fostering financial inclusion.

Founded in 2018, BharatPe claims to have a registered network exceeding 1.3 crore merchants spanning 450 cities and handling 370 million UPI transactions.

BharatPe has raised over $583 million in equity to date from investors, including Peak XV Partners (formerly Sequoia Capital India), Ribbit Capital, Insight Partners, Amplo, Beenext, Coatue Management, Dragoneer Investment Group, Steadfast Capital, Steadview Capital, and Tiger Global.

Last month, the fintech startup said it turned EBITDA positive in October 2023, with an annualised revenue surge of Rs 1,500 crore, up 31% from the last year.