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BharatPe, the payment acceptance and financial services provider for merchants, tripled its operating loss to Rs 811 crore for FY 2022 compared to the loss of Rs 277 crore in the year-ago period. 

However, the company’s total loss stood at Rs 5,594 crore due to a change in the fair value of Compulsory Convertible Preference Shares (CCPS) amounting to Rs 4,782 crore. In FY 2021, the company had recorded a change in the fair value of CCPS amounting to Rs 1,342 crore, with a total loss of Rs 2,961 crore, according to reports. 

In a statement issued by BharatPe, the company said, “This item is a one-off and shall not be there from next year as we have now reclassified the Compulsory Convertible Preference Shares from liability to equity shares.”

BharatPe’s revenue grew from 169% to Rs 321 crore for FY 2022 from Rs 119 crore in the year-ago period. The increase in revenue was attributed to growing payment volume on its Point of Sale (PoS) offering and lending referrals. 

The company is yet to file its results with the Ministry of Corporate Affairs. 

Recently, the fintech unicorn announced the departure of its CEO Suhail Sameer, who took over from co-founder Ashneer Grover in March 2022. The company also announced the appointment of CFO Nalin Negi as its interim CEO. 

In its statement, BharatPe said it will continue to invest in new lines of business, including its consumer-facing BNPL offering PostPe, launched in 2022, and its GST billing software Swipe. 

The Tiger Global-backed company claimed to be facilitating Rs 1,200 crore in monthly disbursals across all lending products compared to the disbursal of Rs 350 crore per month in the year-ago period.

The company disbursed Rs 4,500 crore for FY 2022 across its merchant and consumer lending offerings and is projected to disburse Rs 15,000 crore for FY 2023.

The copy was updated to correct the change in operating loss.