BharatPe raises ₹200 crore in debt to build a loan book of $1 billion by March 2023

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BharatPe raises ₹200 crore in debt to build a loan book of $1 billion by March 2023
BharatPe CEO Suhail SameerBharatPe
  • IIFL Wealth & Asset Management and Northern Arc Capital contributed ₹100 crore each for this round.
  • The company has raised ₹500 crore of debt in 2021 and plans to raise over ₹1,800 crore by March 2022.
  • Earlier this month, the company raised $370 million at a valuation of $2.85 billion.
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Merchant-focused payments startup BharatPe has raised ₹200 crore ($28 million) in debt to build a loan book of $1 billion by March 2023. Investment firms IIFL Wealth & Asset Management and Northern Arc Capital both contributed ₹100 crore each for this round.

BharatPe has raised ₹500 crore ($70 million) in debt across seven rounds in 2021 as it plans to aggressively build its loan book. The company plans to raise an additional debt of $250 million (around ₹1,859 crore) by the end of March 2022.

For any lending business, debt funding is used to disburse loans as there is no equity involved.

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Founded only three years ago by Ashneer Grover and Shashvat Nakrani, BharatPe is one of the youngest startups to enter the unicorn club. A unicorn — in startup parlance — is a company valued at or above $1 billion.

Earlier this month, BharatPe had raised $370 million in a Series E round led by Tiger Global, at a valuation of $2.85 billion. This represented an almost three-fold increase from the $900 million valuation accorded to the company after the $108 million Series D round raised in February 2021.

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BharatPe is also looking to further expand its lending business as well. The company, in partnership with Centrum Finance, bagged a banking licence from the Reserve Bank of India in June 2021, by acquiring PMC Bank.

“We have witnessed a surge in demand for merchant loans, with multi-fold growth over the last one year. 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,” Suhail Sameer, who recently replaced founder Ashneer Grover as the chief executive of BharatPe, said.

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