Fintech platform BharatPe suffered huge losses to the tune of Rs 5,610.7 crore in the financial year 2021-22, due to a one-time non-cash expense related to change in fair value of compulsory convertible preference shares (CCPS).
In FY21, the company had posted a net loss of Rs 1,619.2 crore.
Apart from the CCPS cost, the company's adjusted loss grew 2.2 times to Rs 828.2 crore in FY22, from Rs 227.3 crore in the earlier fiscal year, according to its financial statement with the Registrar of Company (RoC).
Earlier this month, the company had clarified that the CCPS-related item is a "one-off and shall not be there from next year as we have now reclassified the compulsorily convertible preference shares from liability to equity".
Meanwhile, its revenue from operations went up 3.8 times to Rs 456.8 crore from Rs 119 crore in FY21, owing to a surge in payments volumes on loan disbursals.
Earlier this week, the IPO-bound fintech platform announced three key appointments, along with hiring Ambuj Bhalla as its Chief Information Security Officer (CISO), as it fights a legal battle with former Co-founder Ashneer Grover in the Delhi High Court.
Ashneer Grover saga: A timeline of how things went wrong at BharatPe
BharatPe founder Bhavik Koladiya quits, months after Ashneer Grover's exit
Delhi HC summons Ashneer Grover, wife and kin over BharatPe's complaint
BharatPe files arbitration to claw back Ashneer Grover's 1.4% shares
Tell your client to maintain decorum: HC tells Ashneer Grover's counsel
Air India's progress has been nothing short of stunning: CEO Wilson
Air India-Vistara to get $1.5-$1.8 billion from Tata Sons: Report
Adani Group poses no significant downside risk to Indian banks: CLSA
What really worries Indians about Gautam Adani and his companies
Tata's Air India to seal half of jumbo plane order of 495 jets: Report
Founded in 2018, BharatPe is currently serving 1 crore merchants across more than 400 cities.
The company is a leader in UPI offline transactions, processing over 18 crore UPI transactions per month (with an annualized transaction processed value of over $24 billion in payments).
The company has facilitated the disbursement of loans close to Rs 8,500 crore to over 450,000 merchants.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)