Days after securing Rs 139 crore of debts, digital payments platform BharatPe has raised additional debt fund worth Rs 50 crore (about $7 million) from venture debt firm Trifecta Capital. The fintech company has so far raised around Rs 250 crore in debt funding, which would help catapult its lending business and provide credit to merchants.
This is the third round of debt fund financing raise by BharatPe. In the last two tranches, the company has raised Rs 199 crore in debt, which includes Rs 90 crore from Alteria Capital, Rs 49 crore from ICICI Bank, and Rs 60 crore from Innoven Capital. The merchant-focused loan and payments app platform intends to raise close to $700 million (around Rs 5,106 crore) of debt capital over the next two years.
Founded by Ashneer Grover and Shashvat Nakrani in 2018, BharatPe has raised close to $178 million (around Rs 1,299 crore) in equity and debt till date. Its investors include Beenext, Sequoia, SteadView Capital, Ribbit Capital, Coatue Management LLC, Insight Partners, and Amplo.
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Commenting on fresh round of funding, Ashneer Grover said, "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."
He said that the debt raised will help further build the lending business and enable credit for millions of businesses across India's length and breadth.
BharatPe offers merchants a single interface for all UPI apps like Paytm, PhonePe, Google Pay, BHIM, Mobikwik, Freecharge and others. Serving over 50 lakh merchants across 65 cities, the start-up facilitates a loan facility for its merchant partners. It has set a target of disbursing Rs 1,000 crore of loans in 2020-21, of which Rs 800 crore has already been disbursed. Further, it aims to disburse loans worth $2 billion by March 2023.
It has already disbursed loans to more than 1 lakh merchants and aims to enable credit to 10 lakh small merchants and kirana store owners in 2021.
With PTI inputs