BharatPe vs Paytm: Revenue, Profit and Business Model
BharatPe reported ~$193.4M of revenue in FY2025 and a net loss of ~$10.2M. Paytm reported ~$978.7M of revenue in FY2026 and ~$64.1M of net income.
Latest financial snapshot
Financial summary
BharatPe
BharatPe's revenue from operations rose from ~$13.8 million (₹119 crore) in FY2021 to ~$53 million (₹457 crore) in FY2022, ~$119 million (₹1,029 crore) in FY2023, ~$165 million (₹1,426 crore) in FY2024 and ~$193 million (₹1,667 crore) in FY2025, according to consolidated filings reported by Entrackr. Losses fell faster: the consolidated net loss went from ~$109 million (₹941 crore) in FY2023 to ~$57.1 million (₹492 crore) in FY2024 and ~$10.2 million (₹88 crore) in FY2025. The company reported an adjusted profit before tax of ~$696,000 (₹6 crore) for FY2025, excluding ESOP costs, against a ~$39.7 million (₹342 crore) loss a year earlier, and adjusted EBITDA of ~$16.4 million (₹141 crore). Cost control did much of the work; advertising spend fell 84% to ~$3.02 million (₹26 crore). BharatPe closed FY2025 with ~$101 million (₹872 crore) in cash and bank balances. It has raised more than $650 million in equity and debt, and borrowed again in 2026 through non-convertible debentures.
Paytm
Paytm lost money every year after its 2021 IPO, with net losses of about $278 million (₹2,393 crore) in FY22 and ~$206 million (₹1,776 crore) in FY23. The 2024 RBI action on Paytm Payments Bank cut FY25 revenue to ~$800 million (₹6,900 crore). Recovery followed: FY26 revenue from operations rose 22.2% to ~$979 million (₹8,437 crore) with a full-year profit of about $64 million (₹552 crore), and Q4 FY26 profit was about $21.3 million (₹184 crore) against a ~$62.6 million (₹540 crore) loss a year earlier. Q1 FY27 set records with ~$284 million (₹2,448 crore) revenue (+28%), EBITDA of ~$23.5 million (₹203 crore) (8% margin) and profit after tax of ~$25.5 million (₹220 crore) (+79%). In July 2026 the board decided not to proceed with a proposed bonus share issue.
Revenue and profit by year
BharatPe
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$193.4M | ~-$10.2M | -5.3% | +16.9% | Source |
| FY2024 | ~$165.4M | ~-$57.1M | -34.5% | +38.6% | Source |
| FY2023 | ~$119.4M | ~-$109.2M | -91.4% | +125.3% | Source |
| FY2022 | ~$53M | — | 0.0% | +283.9% | Source |
| FY2021 | ~$13.8M | — | 0.0% | — | Source |
Paytm
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$978.7M | ~$64.1M | 6.6% | +22.3% | Source |
| FY2025 | ~$800.4M | ~-$76.4M | -9.6% | -30.8% | Source |
| FY2024 | ~$1.2B | ~-$164.4M | -14.2% | +24.9% | Source |
| FY2023 | ~$926.9M | ~-$206M | -22.2% | +60.6% | Source |
| FY2022 | ~$577M | ~-$277.6M | -48.1% | — | Source |
Business model and strategy
BharatPe
How it makes money
BharatPe gives merchants a single UPI QR code with no fee on UPI payments and earns from the products it sells on top. The largest is credit: collateral-free business loans underwritten on a merchant's QR transaction history and repaid through small daily deductions from settlements. Financial services, mainly this lending, made up about 60% of FY2025 revenue, close to ~$116 million (₹1,000 crore).
Growth strategy
Since 2023 BharatPe has grown by going deeper with the merchants it has. Lending stays at the centre: it added secured two-wheeler loans with OTO Capital and loans against mutual funds with Volt Money in August 2024, onboarded more NBFC partners in FY2025 and raised its Trillion Loans stake from 51% to 74%. Payment acceptance is the second push, with card machines and soundboxes;
Competitive advantage
BharatPe's edge is data, not the QR code, which rivals copied quickly. Because it settles a merchant's UPI receipts every day, it sees cash flow that a bank never does, and it uses that to lend to shopkeepers who have no formal credit history. CEO Nalin Negi describes this as underwriting the merchant's livelihood. In 2025 the average loan was about $1,160 (₹1 lakh) with a weighted tenure of 11 months.
Paytm
How it makes money
Paytm runs a capital-light, two-sided model. On the merchant side it deploys QR codes, Soundbox audio devices and Android card machines, charging monthly device subscription fees and earning payment processing revenue on cards, EMI and online payments (UPI person-to-merchant payments carry zero MDR, so device rentals and online gateway fees matter).
Growth strategy
Paytm's strategy since 2024 has three parts: grow the device merchant base and its payment processing revenue, use merchant and consumer data to distribute more loans for partner banks and NBFCs, and keep costs flat through AI and automation. In 2026 the company said it would hire about 4,000 people, mostly in sales, while trimming roughly 1% of staff. Marketing spend fell 19% in FY26.
Competitive advantage
Paytm's edge is its offline merchant base. It pioneered the Soundbox in 2019 and added about 2.7 million Soundboxes in the year to June 2026. Daily transaction data from these device merchants lets partner lenders underwrite small shopkeepers who lack credit bureau history, which is why lending distribution has become Paytm's fastest-growing revenue line.
Questions about BharatPe vs Paytm
Which company has higher revenue — BharatPe or Paytm?
BharatPe reported ~$193.4M (FY2025), while Paytm reported ~$978.7M (FY2026). By last reported revenue, Paytm is the larger business, with BharatPe reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of BharatPe vs Paytm?
BharatPe's market capitalisation stands at $2.9B, while Paytm's is $12.0B. Paytm carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to BharatPe.
Which is more financially efficient — BharatPe or Paytm?
BharatPe generates $97k / employee in revenue per employee, while Paytm generates $24k / employee. BharatPe shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do BharatPe and Paytm make money?
BharatPe and Paytm generate revenue in fundamentally different ways. BharatPe: BharatPe gives merchants a single UPI QR code with no fee on UPI payments and earns from the products it sells on top. Paytm: Paytm runs a capital-light, two-sided model.
Which company is valued higher relative to revenue — BharatPe or Paytm?
On a price-to-sales (P/S) basis, BharatPe trades at 14.7x P/S and Paytm at 12.3x P/S. BharatPe commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Paytm. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BharatPe bigger than Paytm?
By last reported revenue, Paytm (~$978.7M (FY2026)) is the larger company compared to BharatPe (~$193.4M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the BharatPe vs Paytm overview