New Delhi: Fintech company BharatPe on Sunday said it has raised Rs 139 crore (about $20 million) in debt from venture debt firm Alteria Capital and ICICI Bank that will be used to strengthen its lending business and provide credit to merchants.
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. Speaking to PTI, 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.
“We have raised funds from ICICI Bank at a competitive interest rate of less than 9 per cent. 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,” he added.
Grover said 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. “The latest tranche of debt raised will help further build the lending business and enable credit for millions of businesses, across the length and breadth of India,” Grover said.