BharatPe gets $20 million in debt funding from Alteria Capital and ICICI Bank — aims to raise a total of $700 million in the next two years

BharatPe gets $20 million in debt funding from Alteria Capital and ICICI Bank — aims to raise a total of $700 million in the next two years
BHARATPE
New Delhi, FinTech services company BharatPe on Monday announced that it has raised ₹139 crore (nearly $20 million) in debt from Alteria Capital and ICICI Bank.

The company raised ₹90 crore in debt from Alteria Capital and ₹49 crore from ICICI Bank.

The company has raised a total of ₹199 crore in debt to date.

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"We have committed ourselves to have $700 miilion 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," said Ashneer Grover, Co-Founder and CEO, BharatPe.

"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".

The company is disbursing loans of ₹200 crore per month to merchant partners currently and has set a target of disbursing ₹1,000 crore of loans in the FY21.

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"We have already disbursed loans to more to 1 lakh merchants and aim to scale this up by 8-10 times and enable credit for a million (10 lakh) kirana store owners in 2021," said Suhail Sameer, Group President, BharatPe.

Last week, BharatPe announced that it has raised ₹60 crores in debt from Innoven Capital, Asia's leading venture debt and specialty lending firm.


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