The company shared that it has raised Rs. 90 crores in debt from Alteria Capital and Rs. 49 crores from ICICI Bank.
New Delhi, January 18, 2021: BharatPe, India’s leading financial services company for merchants, today announced that it has raised USD 20 million in debt from Alteria Capital, India’s largest Venture Debt fund focused on innovative startups and ICICI Bank, India’s leading private sector bank. The company shared that it has raised Rs. 90 crores in debt from Alteria Capital and Rs. 49 crores from ICICI Bank. BharatPe has raised funds from ICICI Bank at a very competitve interest rate of less than 9%. BharatPe has raised a total of USD 28 million in debt till date.
The company has been aggressively building its lending vertical and is disbursing loans of Rs. 200 crores per month to merchant partners currently. BharatPe had set a target of disbursing Rs. 1,000 crores of loans in FY21, which it will surely overachieve. The latest tranche of debt raised by the company will be used to further build its lending business and enable credit for millions of businesses, across the length and breadth of India.
Commenting on the debt fund raise, Ashneer Grover, Co-Founder and CEO, BharatPe, “It is a great validation of our business model. We have committed ourselves to have USD 700M of loans to small merchants and kirana store owners by March 2023 and are hoping to on-board more institutional debt partners in the near future. We aim to become a Digital Bank that is the one-stop destination for merchants for all kinds of financial services and this tranche of funds will get things rolling. ”
Added Suhail Sameer, Group President, BharatPe said, “The institutional debt raised will help catapult our lending business. We intend to raise close to USD 700 million of debt capital over the next 2 years. We have already disbursed loans to more to 1 lac merchants and aim to scale this up by 8-10x and enable credit for a million (10 lac) kirana store owners in 2021.”
Source: Business World