BharatPe’s Merchant-First Playbook Brings FY25 Turnaround; But What’s Next?

BharatPe reported INR 6 Cr in profit before taxes and excluding ESOP expenses from a net loss of INR 342 Cr in FY24, on the back of its merchant lending business

Financial services, mainly merchant lending, contributed 60% of overall revenue (~INR 1,000 Cr), even as rivals like Paytm saw a decline in lending income

The company leveraged its own NBFC and expanded NBFC partnerships to control credit disbursal costs, while avoiding high-risk small-ticket personal loans targeted by RBI crackdowns