BharatPe to raise $850 million via equity funding and debt

Resilient Innovations Private Limited (BharatPe), a New Delhi based Fintech company is all set to raise $150-200 million in equity funding and around half a billion debt over the period of two years with the first tranche of around $100 million being targeted by March 2021. BharatPe had already raised $75 million in February 2020 as part of a Series C round led by New York-based hedge fund Coatue Management and Palo Alto-based Ribbit Capital.

BharatPe, whose application to become an NBFC was rejected by the Reserve Bank of India (RBI) last year, plans to disseminate $500 million through non-banking financial companies (NBFCs) and non-competing Fintechs to expand its merchant base.

“We are more excited about the debt we are raising from international banks and financial institutions, as we look to create an India-focused credit fund. Fintech is moving towards lending and debt will become much bigger than the equity market,” said Ashneer Grover, CEO and Co-Founder of BharatPe.

The company plans to launch its wholesaler financing product ‘BharatPe DtoR’, which stands for the distributor to retailer this month and will use the debt to bolster lending operations with new products and enter new retail segments.

It was last month when BharatPe said that it has toppled Google Pay to become the third-largest player in the merchant UPI payment acceptance space.

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