A debt funding of ₹139 crore has been raised by FinTech company BharatPe from Alteria Capital and ICICI Bank on Monday. The company raised ₹90 crore from Alteria Capital and ₹49 crore from ICICI Bank and has raised a total of ₹199 crore in debt to date.
“We have committed ourselves to have $700 million 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. 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,” said Ashneer Grover, Co-Founder and CEO, BharatPe.
Loans of ₹200 crore are being disbursed by the company to merchant partners and it has set a target of disbursing ₹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.
Last week, the fintech company announced that it has raised ₹60 crores in debt from Innoven Capital, Asia’s leading venture debt and speciality lending firm.