BharatPe a fintech firm delivers financial services, such as zero merchant discount rate (MDR) payment acceptance and unified payments interface (UPI) payment-backed merchant cash advance, across 65 cities in India. It offers merchants a single interface for all UPI apps like Paytm, PhonePe, Google Pay, BHIM, Mobikwik, Freecharge, and other loan facilities for its merchant partners.
Bharatpe has raised Rs. 50 crore in debt from Trifecta Capital. Bharatpe has raised Rs. 199 crore in debt in the last tranches- Rs. 90 crore from Alteria Capital, Rs. 60 crore from Innoven Capital and Rs. 49 crore from ICICI Bank.
Till now BharatPe has raised close to $178 million in equity and debt. Its investors are Coatue Management LLC, SteadView Capital, Ribbit Capital, Beenext, Sequoia, Insight Partners, and Amplo.
“BharatPe is committed to empowering the small merchants and Kirana store owners with easy to use and secure fintech products. The fact that we have been able to raise debt from all three renowned venture debt providers Alteria, Innoven, and Trifecta Capital – in the largest single raise is a testimony of the scalability of our business model,” BharatPe co-founder and CEO Ashneer Grover said.
Ashneer Grover added that the debt raised will help in building lending business and enabling credit it’s for partner businesses with Bharatpe. Bharatpe intends to raise close to $ 700 million in the next two years.
“BharatPe has done incredible work in the B2B fintech space for merchants. We are of the firm belief that BharatPe, with its wide merchant network, best-in-class fintech products, and an experienced team, will go a long way in addressing the credit problem for small businesses in the country,” Trifecta Capital Managing Partner Rahul Khanna said.
Fintech has a target to disburse Rs. 1000 crore of loan in 2020-2021, out of which Rs. 800 crore have already been disbursed to more than 1 lakh merchants and it has the vision to disburse the loan to 10 lakh small merchants and kirana stores in 2021. It has the aim to disburse loans of $2 billion by March 2023.