Fintech BharatPe has raised Rs 100 crore ($ 14 million) in debt from non-bank finance company MAS Financial Services Pvt Ltd, its eighth debt fundraiser to date in 2021.
BharatPe, operated by Resilient Innovations Pvt Ltd, has raised a total of more than Rs 600 crore (about $ 84 million) in debt “at competitive rates this calendar year,” the company said in a statement on Monday.
BharatPe added that he was optimistic about his lending vertical, having recorded 10-fold growth in the last fiscal year. The company claims to have facilitated disbursements of over $ 400 million in unsecured loans to more than 3 lake merchants since the product’s launch.
BharatPe previously raised seven rounds of debt financing in 2021, having secured over Rs 500 crore from major venture debt funds (Alteria Capital, InnoVen Capital and Trifecta Capital), banks (ICICI Bank and Axis Bank), NBFCs (Northern Arc Capital) and asset management companies (IIFL Wealth & Asset Management).
The company said it is on track to meet its debt increase targets for fiscal 2022.
Suhail Sameer, CEO of BharatPe, said its recent debt increases would give the company the raw material to build its merchant lending vertical more aggressively.
“According to industry reports, there are nearly $ 400 billion in SME lending opportunities in India. BharatPe is committed to closing this credit gap for small traders and kirana store owners in India with its attractive loan products for offline merchants, ”he added.
Nishit Sharma, chief revenue officer of BharatPe, said that over the coming months, the company will not only focus on expanding its geographic coverage in India, but will also launch a range of innovative loan products for merchants.
We are on track to build a billion dollar loan portfolio by March 2023 for our lending partners, ”added Sharma.
Founded by Ashneer Grover and Shashvat Nakrani in 2018, the financial technology company manages UPI QR code payment acceptance for small and medium businesses. The company also launched BharatSwipe, a payment acceptance terminal.
The fintech company has attracted a multitude of equity capital since its launch. Earlier in August, the company entered the unicorn startup club after raising $ 370 million (roughly Rs 2,742.56 crore) to fuel its digital banking ambitions at a valuation of $ 2.85 billion. Unicorns are private companies that raise funds at a valuation of over $ 1 billion.
Earlier this month, the Reserve Bank of India (RBI) issued a Small Corporate Banking (SFB) license to the consortium of Centrum Financial Services Limited (Centrum), the small business lending arm of the Centrum Group, and BharatPe.
Earlier this week, Flipkart-owned PhonePe sued BharatPe over the use of the “Pe” suffix for the new “buy now, pay later” product, “PostPe”.