BharatPe gets fresh govt notice as part of ongoing inquiry
BharatPe emphasised that the requested information was part of the ongoing inquiry mentioned in its audited results and affirmed its cooperation with the authorities.
BharatPe turned EBDITA — earnings before interest, tax, depreciation and amortisation — positive in October with an annualised revenue of Rs 1,500 crore, which represents a 31 per cent increase over the same period of the previous year on the back of higher growth in its lending and payments business, the company said on Tuesday.
The fintech startup has also significantly cut down its cash burn, which averaged at Rs 60 crore a month in 2022-23, to attain a positive EBIDTA.
“This milestone reflects the trust bestowed upon us by our vast network of over 1.3 crore merchant partners. October was a great month for us — we achieved significant growth with loans facilitated on our platform,” Nalin Negi, CFO and interim CEO, BharatPe said.
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