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Sunday Jan 29, 2023

BharatPe FY22 revenue jumps 169 percent loss widens to Rs 5594 crore major rejig happening leadership – Business News India


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Amidst all the controversies in the management, the revenue of fintech unicorn BharatPe has increased while the losses have increased. According to the information given by the company, the revenue increased by 169 percent from Rs 119 crore in FY21 to Rs 321 crore in FY22. At the same time, the loss increased to Rs 5,594 crore.

What is the loss: BharatPe said in a statement – ​​Our net loss for FY22 is Rs 5,594 crore, but this is due to change in the fair value of compulsorily convertible preference shares of Rs 4,782 crore. This is not an operating loss. The operating loss in true sense is Rs 811 crore. BharatPe also informed that it will continue to invest in new commercial verticals including PostPe, Swipe.

There is turmoil in the management: Let us tell you that there is a huge upheaval in the management of BharatPe. Recently the company’s CEO Suhail Sameer has left his post. Sameer had a dispute with the former founder of the company, Ashneer Grover. It was headed by Sameer after Grover stepped down from the company following allegations of alleged financial misappropriation.

The Sequoia-backed company has seen several top-level exits in recent months, including chief technology officer Vijay Agarwal, postpay chief Nehul Malhotra and chief product officer Rajat Jain. Vice President of Technology Geetanshu Singla has also resigned.

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