Fintech startup BharatPe recently announced that it has raised Rs 60 crore in debt financing from Innoven Capital. The startup plans to raise $150-200 million equity, around $500 million debt in new fundraising round in the course of two years to support its lending business.
Suhail Sameer, Group President of BharatPe, commented, “As we build the lending business at BharatPe, raising institutional debt is important to us. We plan to raise $500-700 million of debt capital over the next 2 years.”
The startup empower shop owners to accept payments from any payment app for FREE. Merchants can sign up instantly and start accepting payments directly into their bank account and have the flexibility to earn upto 12% interest on those payments and even take loans whenever they need.
BharatPe makes payment acceptance simple by offering merchants a single QR to accept all payment apps such as PayTm, PhonePe, Google Pay, BHIM and 150+ other UPI apps.
It has previously raised $75mn in Series C funding round led by hedge fund Coatue Management and Palo Alto-based fintech investor Ribbit Capital. This funding rose BharatPe’s valuation to $425mn.
The firm said that the reason for this fundraising was to invest around $70 million in equity capital in its NBFC arm Resilient Capital, and leverage that by 3-4 times to raise a pool of around $300 million to service loans for merchants on its platform. The company also plans to use NBFC to offer lines of credit to its base of small merchants.
-AK
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