a year-long kerfuffle with its cofounder Ashneer Grover, reported a 169% year-on-year jump in its revenues to Rs 321 crore for the financial year ending March 31, 2022. However, this has come on top of a huge loss of Rs 5,594 crore during the year.
The New delhi-based company said the expansion of losses is on account of change in the fair value of its compulsory convertible preference shares worth Rs 4,782 crore. The Sequoia Capital and Tiger Global-backed Bharatpe which has been engulfed in a series of senior-level exits including
that of its CEO Suhail Sameer earlier this week, is yet to file its financial statements with the Registrar of Companies. The company’s chief financial officer Nalin Negi will take over as the interim CEO.
“This is not an operating loss but only a change in the fair value (from Rs 1,342 crore last year). Excluding this, operating loss is Rs 811 crore (against Rs 277 crore last year),” the company said in a statement.
“This item is one-off and shall not be there from next year as we have now reclassified the compulsory convertible preference shares from liability to equity,” it added.
BharatPe’s revenue growth was driven by payment volumes on point of sale machines and lending referrals. “We were facilitating Rs 350 crore a month disbursals on an average in the last fiscal, and today, our monthly disbursal is at around Rs 1,200 crore across all the products,” it said.
“We facilitated disbursals of around Rs 4,500 crore in 2021-22 and are on track to clock Rs 15,000 crore across merchant and consumer sides this year.. we remain on track to be operationally positive in the next few months,” BharatPe said.
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Over the past month, BharatPe has undertaken three separate legal actions against cofounder Grover including a
civil suit at the Delhi High Court, criminal complaint with the Economic Offences Wing and an
arbitration under Singapore International Arbitration Centre (SIAC) rules to clawback his restricted shareholding.
In its civil and criminal suits, BharatPe has accused the Grovers of embezzling funds from the company to the tune of Rs 81.28 crore unearthed through its ‘initial investigation’.
Commenting on its results, BharatPe said in the statement, “…as a four year old start up, BharatPe continues to invest in new businesses. Some of these businesses like PostPe (started second half of FY22) and scaling up of Swipe business, which started a year earlier, are still on an investment phase and therefore impacted the short-term operating performance”.
In a fresh brawl, cofounder Grover has shot off a letter alleging that the company’s general counsel Sumeet Singh had threatened him during the annual general meeting of the company held on December 31.
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