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.