New Delhi: “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 said.
The debt raised will help further build the lending business and enable credit for millions of businesses across India”s length 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 company had said institutional debt would help catapult its lending business. It intends to raise close to USD 700 million of debt capital over the next two years.
Founded by Ashneer Grover and Shashvat Nakrani in 2018, BharatPe offers merchants a single interface for all UPI apps like Paytm, PhonePe, Google Pay, BHIM, Mobikwik, Freecharge and others. It also facilitates a loan facility for its merchant partners.
The company 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 USD 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.