BharatPe Raises Rs 100 Cr in its Eighth Round of Funding in 2021
In a fresh round of funding, fintech startup BharatPe has raised Rs 100 crore in debt from non-banking financial servicing firm MAS Financial Services Pvt Ltd. With these fresh funds, BharatPe has completed eight rounds of fundraisers in 2021, raising a total of Rs 600 crore. Earlier, the company had received Rs 200 crore debt funding from IIFL Wealth and Asset Management and existing investor Northern Arc Capital, reported Moneycontrol.
Speaking about the fresh funding, BharatPe’s Chief Executive Officer, Suhail Sameer saidthat the new funds will be used to build the company’s merchant lending vertical aggressively. He hoped that with economic activities moving towards a rebound after COVID-19 pandemic effects, BharatPe’s lending vertical will witness a good growth.
After becoming a unicorn with the $370 million institutional funding from Tiger Global and others, BharatPe has been looking to aggressively expand its geographic presence in the Indian market. BharatPe has introduced several new loan products and claims to be facilitating Rs 300 crore loan disbursal every month. In total, the company claims to have disbursed more than $400 million (Rs 2,800 crore) of unsecured loans to over 3 lakh merchants since the introduction of its lending vertical.
BharatPe’s Chief Revenue officer Nishit Sharma said that the company was looking to build a loan book of $1 billion by March 2023 for its lending partner. He added that the company will continue to explore options to raise debt and is open to partnership with Indian and international investors including banks and other institutions.
BharatPe plans to raise $250 million in debt by the end of the financial year 2022. The consortium of BharatPe and Centrum Financial Services received its small finance banking license from the Reserve Bank of India. The partnership with firm, Unity Small Finance Bank, will be taking over the assets and liabilities of the Punjab and Maharashtra Co-operative (PMC) Bank.
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