29 September 2025
BharatPe, the India-based fintech company, has reported a net loss of ₹88.2 crore in FY25, marking a steep reduction from the ₹492 crore loss in FY24.
Its operating revenue rose ~17%, reaching ₹1,667 crore in FY25 (versus ~₹1,426 crore in FY24).
Including other income (₹67 crore), its total income stood at ₹1,733.6 crore.
Expense control also played a role: total expenses in FY25 declined slightly (-3.5%) to ₹1,906 crore compared to ₹1,974.4 crore in FY24.
On a pre-tax adjusted basis (excluding ESOP expenses), BharatPe turned marginally profitable, reporting ~₹6 crore profit versus a loss of ₹342 crore a year earlier.
Additionally, FY25 marks the first time BharatPe has delivered positive EBITDA, estimated at ~₹47 crore.
What Drove the Turnaround
Several factors appear to have contributed:
Revenue growth across core verticals: The increase in payments, service charges, and lending-based income helped bolster the top line.
Prudent cost management: The company reduced marketing spend aggressively (down ~88%), trimmed outsourced services, and moderated other variable costs.
Control over credit / guarantee costs: Though financial guarantee or credit costs rose (~189 %), overall expense discipline helped offset some of that burden.
One-time gains: There was an exceptional gain (~₹71 crore) from a specific investment, which aided the adjusted PBT.
Implications & Risks Ahead
For BharatPe
The narrowing of losses and adjusted profitability lend credence to its claim of being on a path toward sustainable operations.
However, the net loss is still real, and full profitability will demand consistent growth and continued cost control.
Dependence on one-time gains or favorable accounting adjustments is risky in the long run.
For Investors & Stakeholders
The improved financials may restore confidence among existing and prospective investors.
BharatPe is reportedly eyeing a fresh $100 million funding round to support further expansion. The Economic Times
The positive EBITDA performance may help in positioning the firm as a more mature fintech player.
Broader Fintech Context
BharatPe’s results highlight how fintechs are pushing toward profitability over pure scale.
The shift is consistent with investor expectations that startups must eventually deliver returns, not just user growth.
But challenges remain: regulatory changes, competition (from rivals like PhonePe, Razorpay, etc.), credit risk, and scaling costs.
In Summary
BharatPe’s ₹88 crore net loss in FY25 represents a dramatic improvement from the previous year’s ₹492 crore deficit. Through revenue growth, cost rationalization, and selective one-time gains, it has moved closer to sustainable performance — even reporting a small adjusted profit before tax. The company now faces the task of maintaining momentum, proving resilience in normalised conditions, and scaling without reverting to large losses.
BharatPe, the India-based fintech company, has reported a net loss of ₹88.2 crore in FY25, marking a steep reduction from the ₹492 crore loss in FY24.
Its operating revenue rose ~17%, reaching ₹1,667 crore in FY25 (versus ~₹1,426 crore in FY24).
Including other income (₹67 crore), its total income stood at ₹1,733.6 crore.
Expense control also played a role: total expenses in FY25 declined slightly (-3.5%) to ₹1,906 crore compared to ₹1,974.4 crore in FY24.
On a pre-tax adjusted basis (excluding ESOP expenses), BharatPe turned marginally profitable, reporting ~₹6 crore profit versus a loss of ₹342 crore a year earlier.
Additionally, FY25 marks the first time BharatPe has delivered positive EBITDA, estimated at ~₹47 crore.
What Drove the Turnaround
Several factors appear to have contributed:
Revenue growth across core verticals: The increase in payments, service charges, and lending-based income helped bolster the top line.
Prudent cost management: The company reduced marketing spend aggressively (down ~88%), trimmed outsourced services, and moderated other variable costs.
Control over credit / guarantee costs: Though financial guarantee or credit costs rose (~189 %), overall expense discipline helped offset some of that burden.
One-time gains: There was an exceptional gain (~₹71 crore) from a specific investment, which aided the adjusted PBT.
Implications & Risks Ahead
For BharatPe
The narrowing of losses and adjusted profitability lend credence to its claim of being on a path toward sustainable operations.
However, the net loss is still real, and full profitability will demand consistent growth and continued cost control.
Dependence on one-time gains or favorable accounting adjustments is risky in the long run.
For Investors & Stakeholders
The improved financials may restore confidence among existing and prospective investors.
BharatPe is reportedly eyeing a fresh $100 million funding round to support further expansion. The Economic Times
The positive EBITDA performance may help in positioning the firm as a more mature fintech player.
Broader Fintech Context
BharatPe’s results highlight how fintechs are pushing toward profitability over pure scale.
The shift is consistent with investor expectations that startups must eventually deliver returns, not just user growth.
But challenges remain: regulatory changes, competition (from rivals like PhonePe, Razorpay, etc.), credit risk, and scaling costs.
In Summary
BharatPe’s ₹88 crore net loss in FY25 represents a dramatic improvement from the previous year’s ₹492 crore deficit. Through revenue growth, cost rationalization, and selective one-time gains, it has moved closer to sustainable performance — even reporting a small adjusted profit before tax. The company now faces the task of maintaining momentum, proving resilience in normalised conditions, and scaling without reverting to large losses.
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