India: BharatPe secures $20m debt funding from Alteria Capital, ICICI Bank

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Digital payments startup BharatPe on Sunday said it has raised about $20 million (Rs139 crore) in debt funding from venture debt firm Alteria Capital and ICICI Bank.

Alteria Capital has contributed about Rs 90 crore while the remaining Rs49 crore has been invested by ICICI Bank, PTI reported. The funding will be used to strengthen its lending business and provide credit to merchants.

With the latest round, BharatPe has raised a total of Rs 199 crore in debt to date.

“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,” BharatPe co-founder and CEO Ashneer Grover said. “With this infusion, we can double down on our efforts and we expect the loan book to grow to Rs700-750 crore by the end of March 2021.”

Launched in April 2018 by Grover and Shashvat Nakrani, BharatPe is a merchant-focused payments platform that offers a single interface for all existing UPI apps. It also supports merchants to access credit and other value-added services.

Earlier this month, the New Delhi-based startup had raised Rs60 crore from venture debt firm InnoVen Capital. It had raised nearly $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 serves over 50 lakh merchants across 65+ cities. The startup claims to have already facilitated disbursement of over Rs 800 crore to its merchants since its launch.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.