Fintech platform BharatPe has suffered a massive loss of Rs 5,610.7 crore in FY2021-22 due to a one-time non-cash charge related to changes in the fair value of Compulsory Convertible Preference Shares (CCPS).

For FY21, the company posted a net loss of Rs 1,619.2 crore.

Excluding CCPS costs, the company’s adjusted loss jumped 2.2 times to Rs 828.2 crore from Rs 227.3 crore in the previous fiscal, according to its financial statements filed with the Registrar of Companies (RoC).

Earlier this month, the company had explained that the CCPS-related items were “one-off and not recurring next year as we have now reclassified the mandatory convertible preferred stock from liability to equity”.

Meanwhile, its operating income rose 3.8 times to Rs 456.8 crore from Rs 119 crore in FY21 on the back of a surge in loan expenses.

Earlier this week, the IPO-bound fintech platform announced three key appointments and hired Ambuj Bhalla as its Chief Information Security Officer (CISO) as it battles former co-founder Ashneer Grover in the Delhi High Court.

Founded in 2018, BharatPe currently serves 10 million merchants in over 400 cities.

The company is a leader in UPI offline transactions, processing more than 18 crores of UPI transactions per month (annualised transactions processing over $24 billion worth of payments).

The company has disbursed nearly Rs 8,500 crore loans to more than 4.5 lakh merchants.