BharatPe raises Rs 139 crore in debt
Fintech services company BharatPe on Monday announced that it has raised Rs 139 crore (nearly $20 million) in debt from Alteria Capital and ICICI Bank
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New Delhi: Fintech services company BharatPe on Monday announced that it has raised Rs 139 crore (nearly $20 million) in debt from Alteria Capital and ICICI Bank. The company raised Rs 90 crore in debt from Alteria Capital and Rs 49 crore from ICICI Bank. The company has raised a total of Rs 199 crore in debt to date.
"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 Rs 200 crore per month to merchant partners currently and has set a target of disbursing Rs 1,000 crore of loans in the FY21.
"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.
