Digital payment startup BharatPe on Sunday said it has raised Rs 139 crore (about USD 20 million) in debt from venture debt firm Alteria Capital and ICICI Bank.
About Company
Founded by Ashneer Grover and Shashvat Nakrani in 2018, BharatPe offers merchants a single interface for all UPI apps like Paytm, PhonePe, Google Pay, BHIM, Mobikwik, Freecharge and others.
It also facilitates loan facility for its merchant partners.
Composition of fund
BharatPe co-founder and CEO Ashneer Grover said Rs 90 crore in debt came from Alteria Capital.
while the remaining Rs 49 crore was from ICICI Bank with an interest rate of less than 9 per cent.
Fund Utilisation
The company will utilise this fund to strengthen its lending business and provide credit to merchants.
Comment from CEO
“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.
“BharatPe had set a target of disbursing Rs 1,000 crore of loans in 2020-21, of which Rs 800 crore has already been disbursed.”
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