Ashneer Grover and Suhail Sameer-founded BharatPe reported that its net losses for the FY22 were increased by 3.4x from Rs 1,619 crore to Rs 5,611 crore.
According to the company, The rise in losses was due to a change in the fair value of Compulsory Convertible Preference Shares (CCPS) amounting to Rs 4,782 crore.
The fintech unicorn reported, on a consolidated basis, reported revenue from operations of Rs 456.08 crore for FY 2022 and Rs 320.7 crore on a standalone basis.
Besides losses, the total expenditure was also increased by 3.47 times to Rs 6,264.9 crore in FY 2022 on a consolidated basis. A significant contributor to this increase was the change in the fair value of CCPS and other expenses to Rs 1,098.05 crore.
Additionally, Employee benefits expenses more than doubled to Rs 166.9 crores for FY 2022, from Rs 75.41 crore in FY21.