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    Home»Business»BharatPe’s FY22 losses widen after change in fair value of mandatory convertible preferred stock
    Business

    BharatPe’s FY22 losses widen after change in fair value of mandatory convertible preferred stock

    Shreya ChristinaBy Shreya ChristinaJanuary 27, 2023Updated:January 27, 2023No Comments2 Mins Read
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    Fintech platform BharatPe suffered huge losses at a cost of ₹5,610.7 crore in FY 2021-22, owing to a one-off non-cash costs related to change in fair value of mandatory convertible preference shares (CCPS).

    In FY21, the company posted a net loss of ₹1,619.2 crore.

    Excluding CCPS charges, the company’s adjusted loss grew 2.2 times to ₹828.2 crore in FY22 from ₹227.3 crore in the earlier fiscal year, according to the annual accounts filed with the Registrar of Company (RoC) .

    Earlier this month, the company had clarified that the CCPS-related item is a “one-time item and won’t be there as of next year as we have now reclassified the mandatory convertible preferred stock from debt to equity”.

    Meanwhile, revenue from operations rose 3.8 times to ₹456.8 crore from ₹119 crore in FY21, owing to a sharp increase in payment volume in loan disbursements.

    Earlier this week, the IPO-bound fintech platform announced three major appointments along with the hiring of Ambuj Bhalla as Chief Information Security Officer (CISO) as it pursues a legal battle with former co-founder Ashneer Grover in the Delhi High Court .

    Founded in 2018, Bharat Pe Currently serving 1 crore merchants in over 400 cities.

    The company is a leader in offline UPI transactions, processing more than 18 crore UPI transactions per month (with an annual processed transaction value of more than $24 billion in payments).

    The company has facilitated loan disbursement of nearly ₹8,500 crore to over 450,000 traders.
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    Shreya Christina
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    Shreya has been with cafe-madrid.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider cafe-madrid.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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