BharatPe Targets Pre-IPO Funding; Listing Deferred Beyond FY26
Operational turnaround before capital raise
BharatPe will raise funds in a pre-IPO round, but its initial public offering (IPO) will not take place in FY26, CEO Nalin Negi said. The listing will be timed to favourable market conditions to ensure sustained investor interest.
The fintech unicorn recently reported operational profitability for the first time, excluding ESOP costs, with an adjusted profit before tax of ₹6 crore in FY25 — a sharp recovery from a ₹342 crore loss in FY24.
CEO’s view on timing
“Profitability has to remain intact, and thereafter, once the market conditions are right, we will definitely go for an IPO,” Negi said, emphasising the need for consistent performance to build investor confidence.
The pre-IPO round will help strengthen the balance sheet, scale operations, and prepare for listing when valuations and demand conditions are optimal.
Strategic positioning in fintech
BharatPe remains unique among Indian fintech players, with:
- An NBFC arm (Trillionloans), now 74% owned.
- A stake in Unity Small Finance Bank.
- An RBI-authorised Payment Aggregator license, obtained in April 2025.
The payment aggregator approval allows BharatPe to:
- Expand merchant payment solutions.
- Deepen penetration in tier 2 and tier 3 cities.
- Invest in advanced technology infrastructure.
Strong investor backing
BharatPe is supported by marquee global investors, including Peak XV, Tiger Global, Beenext, Steadfast Capital, and Ribbit Capital. The company’s diversified presence across lending, banking, and payment services positions it for growth in high-potential sectors.
Outlook
With profitability restored and regulatory licenses in place, BharatPe’s immediate focus will be on scaling operations and securing pre-IPO capital, while deferring listing plans until post-FY26. This approach aims to maximise valuation and ensure readiness for the public markets.
