BharatPe, which is the Fintech owned company, made an announcement on Sunday that it has raised an amount of Rs 139 crore in debt through two venture debt firm, that is Alteria Capital and ICICI Bank. This will give more opportunities to strengthen its lending business and provide credit to traders.
The founders of the company are Ashneer Grover and Shashvat Nakrani in 2018, BharatPe offers merchants a single interface for all UPI apps such as Paytm, PhonePe, Google Pay, BHIM, Mobikwik, Freecharge, and others. It also facilitates the loan facility for its trading partners.
While talking to PTI, the co-founder and CEO, Ashneer Grover, of BharatPe said that Rs 90 crore debt came from Alteria Capital, while the remaining Rs 49 crore came from ICICI Bank.
“We have raised funds from ICICI Bank at a competitive interest rate of less than 9 per cent. We are aggressively building our lending vertical and our loan book is currently at Rs 400 crore. With this infusion, we can double down on our efforts and we expect the loan book to grow to Rs 700-750 crore by the end of March 2021,”CEO, Ashneer Grover
Grover talked about the target of the company is set for disbursing an amount of Rs 1,000 crore of loans in 2020-21, of which Rs 800 crore has already been disbursed.
Last week, BharatPe raised Rs 60 in debt to Innoven Capital. As a result, BharatPe has raised a total debt of Rs 199 crore (USD 28 million) to date. The further statement briefed about the future plans to raise over Rs 5,000 in debt financing over the next two years to build its lending business.