The debt raised will assist additional construct the lending enterprise and allow credit score for hundreds of thousands of companies throughout India’s size and breadth advised BharatPe co-founder and CEO Ashneer Grover.
Fintech firm BharatPe on 20 January stated it has raised Rs 50 crore (about $7 million) in debt from enterprise debt firm Trifecta Capital. This is the third tranche of debt fund financing raised by BharatPe. In the final two tranches, the corporate has raised Rs 199 crore in debt. “BharatPe is committed to empowering the small merchants and Kirana store owners with easy to use and secure fintech products. The fact that we have been able to raise debt from all three renowned venture debt providers Alteria, Innoven and Trifecta Capital – in the largest single raise is a testimony of the scalability of our business model,” BharatPe co-founder and CEO Ashneer Grover stated.
The debt raised will assist additional construct the lending enterprise and allow credit score for hundreds of thousands of companies throughout India’s size and breadth, he added.
BharatPe has raised Rs 90 crore in debt from Alteria Capital, Rs 49 crore from ICICI Bank and Rs 60 crore in debt from Innoven Capital.
Previously, the corporate had stated institutional debt would assist catapult its lending enterprise. It intends to boost near $700 million of debt capital over the subsequent two years.
Founded by Ashneer Grover and Shashvat Nakrani in 2018, BharatPe provides retailers a single interface for all UPI apps like Paytm, PhonePe, Google Pay, BHIM, Mobikwik, Freecharge and others. It additionally facilitates a mortgage facility for its service provider companions.
The firm has set a goal of disbursing Rs 1,000 crore of loans in 2020-21, of which Rs 800 crore has already been disbursed. Further, it goals to disburse loans value $2 billion by March 2023.
It has already disbursed loans to multiple lakh retailers and goals to allow credit score to 10 lakh small retailers and Kirana retailer house owners in 2021.
“BharatPe has done incredible work in the B2B fintech space for merchants. We are of the firm belief that BharatPe, with its wide merchant network, best-in-class fintech products and an experienced team, will go a long way in addressing the credit problem for small businesses in the country,” Trifecta Capital Managing Partner Rahul Khanna stated.
BharatPe has raised near $178 million in fairness and debt until date. Its buyers embrace Beenext, Sequoia, SteadView Capital, Ribbit Capital, Coatue Management LLC, Insight Partners, and Amplo.
With inputs from PTI.
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