Tag: MAS Financial Services

BharatPe raises ₹100 crore in debt from MAS Financial Services

Banking & Finance

[ad_1]

Read More/Less


Fintech firm BharatPe has raised ₹100 crore in debt from MAS Financial Services. “This is the eighth round of debt fund raise for the company in 2021. BharatPe has raised a total of over ₹ 600 crore in debt at competitive rates, this calendar year,” it said in a statement on Monday.

“Our recent debt raises will give us the raw material to build our merchant lending vertical more aggressively. BharatPe is one of the largest B2B fintech lenders in India today, facilitating loan disbursals of over ₹300 crore to offline merchants every month,” said Suhail Sameer, Chief Executive Officer, BharatPe.

Nishit Sharma, Chief Revenue Officer, BharatPe said the company is on track to build a loan book of $1 billion by March 2023 for its lending partners. “We will continue to raise debt as well as explore partnerships with Indian and international investors including banks, NBFCs, large pension funds, credit funds as well as development financial institutions,” he said.

Also read: Bharatpe enters ‘Buy Now Pay Later’ segment

BharatPe said it has facilitated disbursals of over $400 million in unsecured loans to over three lakh merchants, since the launch of its lending product.

The company said it remains bullish about its lending vertical.

BharatPe had previously raised seven rounds of debt financing in 2021, having secured over ₹500 crore from top venture debt funds including Alteria Capital, InnoVen Capital and Trifecta Capital, banks such as ICICI Bank and Axis Bank, NBFCs like Northern Arc Capital and wealth management companies such as IIFL Wealth and Asset Management in the earlier rounds.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,

BoI enters into co-lending tie-up with MAS Financial Services

Banking & Finance

[ad_1]

Read More/Less


Bank of India (BoI) has entered into a co-lending arrangement for Micro, Small and Medium Enterprise (MSME) loans with Ahmedabad-based MAS Financial Services Ltd (MAS).

BoI will leverage the reach of MAS to build MSME portfolio, Atanu Kumar Das, Managing Director & CEO, BoI, said on the occasion of the public sector bank’s 116th Foundation Day.

Das observed that co-lending has been introduced by the Reserve Bank of India (RBI) to increase credit flow to the unserved and underserved sectors of the economy.

Under this arrangement, funds are made available to the ultimate beneficiary at an affordable cost, considering the lower cost of funds from banks and greater reach of the NBFCs.

MAS is a non-banking finance company offering loans to segments such as micro enterprises and SMEs. It also provides home loans; loans for purchase of commercial vehicles, two-wheelers and used cars.

The Bank also unveiled various schemes for farmers, including opening of 84 “Star Krishi Vikas Kendra” for quick processing of Kisan loans; “Krishi Ghar Special Scheme” for construction of farm houses; “Star Kisan Sahayata Loan” to mitigate Covid-19 stress; and a scheme for farm mechanisation.

On the technology front, BoI launched Digi Locker, Business WhatsApp and Web Module on its website for credit card customers.

For entrepreneurs, the Bank launched RuPay Select International Contactless Debit Card, an integrated UPI through BOI mobile app, UPI QR Code for both merchants and customers, among others.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , ,