In a strategic move aimed at bolstering its financial position, Indian fintech unicorn BharatPe is gearing up to secure INR 500 crore through unlisted non-convertible debentures (NCDs) in the coming year. Although the final decision on the issue price is pending, the company intends to raise the funds in multiple tranches, as reported by ET.
The decision to initiate the fundraising endeavor was greenlit by BharatPe’s board last week. Alongside this, the board approved the appointment of Colin Bryant, Chief Operating Officer (Private Equity) and General Partner at the US-based hedge fund Coatue, as a director. Bryant is set to succeed Rahul Kishore, the previous nominee from Coatue who left the fund in November.
In addition to board restructuring, BharatPe announced the elevation of its General Counsel, Sumeet Singh, to the position of a whole-time director. Singh, who joined BharatPe in 2021, has played a crucial role in overseeing corporate strategy, corporate affairs, and fundraising. His elevation follows his appointment as an additional executive director in February of the current year.
BharatPe, backed by Peak XV, last raised $370 million at a valuation of $2.9 billion in 2021. Earlier reports in September indicated that the company was in discussions with existing investors to raise an additional $100 million in a new funding round.
Despite ongoing fundraising efforts, BharatPe reported a significant milestone, stating that it achieved positive earnings before interest, taxes, depreciation, and amortization (EBITDA) in October. The startup also disclosed that its annualized revenue has surpassed INR 1,500 crore in FY24, marking a 31% increase from FY23.
*Notably, BharatPe’s lending vertical has been a key contributor to its growth, facilitating loans exceeding INR 640 crore for its merchants in October alone, in partnership with its non-banking financial company (NBFC). This represents a substantial 36% year-on-year increase compared to FY22. Since entering the lending business in late 201
