Tag: ₹200-crore

BharatPe raised ₹200 crore in debt from IIFL Wealth and Asset Management and Northern Arc Capital and plans to raise $250 million in debt by the end of the current fiscal.

“BharatPe has raised ₹100 crore each as debt from IIFL Wealth and Asset Management and Northern Arc Capital,” it said in a statement on Thursday, adding that with this seventh round of debt fund-raise, it has raised a total of over ₹500 crore in debt at competitive rates in 2021.

Earlier this year, BharatPe had raised over ₹300 crore from top venture debt funds including Alteria Capital, InnoVen Capital and Trifecta Capital, banks such as ICICI Bank and Axis Bank and Northern Arc Capital.

Suhail Sameer, Chief Executive Officer, BharatPe said the company has set a target to raise $700 million in debt over the next two years to facilitate credit growth and will explore partnerships with domestic and international investors, ranging from banks, NBFCs, credit funds, large pension funds and impact investors and development financial institutions. “With the festive season coming up soon, we are committed to scale our lending vertical aggressively and have set a target of 10x growth in lending by FY23,” he said.

Loan book target

Nishit Sharma, Chief Revenue Officer, BharatPe said it intends to build a loan book of $1 billion by March 2023.

“As we expand our offering across new cities, we will also be adding secured lending products such as gold loans and two-wheeler loans to our existing set of offerings for merchants,” he further said.

BharatPe has already disbursed over $300 million in unsecured loans to over two lakh merchant partners and has an outstanding loan book of over $100 million. Recently, it forayed into the unicorn club with its Series E fund raise of $370 million at a valuation of $2.85 billion.