BharatPe raises Rs 200 crore in debt from IIFL Wealth and Northern Arc Capital

BharatPe, a digital payments startup based in Delhi, said it has raised Rs 200 crore ($27 million) in debt financing led by IIFL Wealth and Northern Arc Capital.

The company also said that it plans to raise $250 million in debt by the end of FY22. Over the past eight months, BharatPe has raised Rs 500 crore ($70 million) in debt.

“We have witnessed a surge in demand for merchant loans, with multi-fold growth over the last one year. With the festive season coming up soon, we are committed to scaling our lending vertical aggressively and have set a target of 10x growth in lending by 2022-23,” said Suhail Sameer, CEO of BharatPe.  

He went on to say that the company plans to raise $700 million in debt in the next two years. To facilitate credit growth, the company hopes to form partnerships with both domestic and international investors.

Prior to this, BharatPe had raised Rs 300 crore in funding from venture debt funds (Alteria Capital, InnoVen Capital, and Trifecta Capital), banks (ICICI Bank, Axis Bank), and non-bank lender Northern Arc Capital earlier this year.

BharatPe has distributed over $300 million in unsecured loans to over two lakh merchant partners, with a $100 million outstanding loan book.

The payment firm has achieved unicorn status earlier this month when it announced a $370 million (Rs 2,743 crore) Series E funding round led by Tiger Global.

In June 2021, the Reserve Bank of India gave it in-principle approval to establish a small finance bank with Centrum Financial Services. PAYBACK India, a loyalty program company, was acquired by the company in the same month.

The fintech firm, founded by Ashneer Grover and Shashvat Nakrani in 2018, accepts UPI QR code-based payments for small and medium businesses. BharatSwipe, a payment acceptance terminal, was also launched by the company.

The fintech firm, founded by Ashneer Grover and Shashvat Nakrani in 2018, accepts UPI QR code-based payments for small and medium businesses. BharatSwipe, a payment acceptance terminal, was also launched by the company.

BharatPe simplifies payment acceptance by providing merchants with a single QR code that can be used to accept payments from PayTm, PhonePe, Google Pay, BHIM, and 150+ other UPI apps.

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