BharatPe Reports Reduced Losses and Aims for Growth in Fintech Sector

BharatPe’s net losses have dropped to Rs 148.8 crore in the initial nine months of the current financial year (April-December), a notable decrease from Rs 492 crore in FY24. The firm has successfully reached break-even at the EBITDA level, once employee stock options are factored in, for the first three quarters of FY25.

Trillion Loans Fintech Performance

As reported by India Ratings and Research, BharatPe’s non-banking financial subsidiary, Trillion Loans Fintech, recorded a net profit of Rs 29.6 crore during the first three quarters of the financial year, a decline from Rs 36.5 crore in FY24. This comes after the subsidiary faced a loss of Rs 15.2 crore in FY23.

Overview of Trillion Loans

Established in 2018, Trillion Loans is a registered RBI non-banking financial company (NBFC) that focuses on lending to micro, small, and medium enterprises (MSMEs) through various financial products, including merchant loans, revenue-based financing, and term loans. In 2021, Trillion Loans was acquired by NDX Financial Services. By April 2023, BharatPe increased its investment in Trillion Loans to a 51% stake, which later expanded to 62.26% by the close of 2025 through subsequent investments. The aim is for BharatPe to reach full ownership of 100% in the upcoming three years, contingent on receiving regulatory clearance.

BharatPe’s Revenue Strategy

The company evaluates merchant cash flows through QR transactions and other criteria to determine loan eligibility. Subsequently, it shares these qualified leads with Trillion Loans Fintech, allowing for a more precise assessment of creditworthiness. As of December 2024, BharatPe represented 76% of Trillion Loans’ total assets under management (AUM), which grew to Rs 1,154 crore in the first nine months of FY25, up from Rs 869 crore in FY24.

Ratings and Financial Backing

Ind-Ra has given Trillion Loans’ Rs 250 crore bank loans a rating of ‘BBB+’ along with a stable outlook, acknowledging the competitive advantage of being associated with BharatPe.

Future Plans for BharatPe

At the consolidated level, BharatPe has secured over $583 million in equity from prominent investors including Peak XV Partners, Tiger Global, Ribbit Capital, Insight Partners, Amplo, Beenext, and Steadview Capital, among others. The firm is also considering an initial public offering (IPO) in the next 18 to 24 months.

BharatPe appears to be progressing towards stabilising operations after the turmoil involving former co-founder Ashneer Grover. However, the company has shown limited results from the investments it has attracted. A more prudent and concentrated strategy might guide it towards profitability by FY26, although substantial steps are required to reclaim its position among the leading NBFCs, a goal that the firm had previously championed. Addressing the challenges posed by the absence of Ashneer could soon seem like a straightforward aspect of the journey to restoring the firm’s reputation as a growth leader.