BharatPe Secures $100 Million Debt Round to Fuel Strategic Expansion Plans

Fintech unicorn BharatPe has successfully concluded a $100 million debt funding round, spearheaded by InnoVen Capital, which contributed in the range of $60-70 million, according to a report by Entrackr. This marks BharatPe’s reentry into debt funding after a hiatus of more than two years, signifying a significant milestone in the company’s financial strategy.

In conjunction with the overall funding, BharatPe’s non-banking financial company (NBFC) arm, Trillion Loans, has also secured a separate debt round from Credit Saison. This development follows BharatPe’s acquisition of a majority 51 per cent stake in Mumbai-based Trillion Loans in May 2023, further solidifying the company’s strategic positioning in the financial landscape.

The recent debt round follows BharatPe’s last equity funding in August 2021, where it successfully raised $370 million in Series E funding. To date, BharatPe has accumulated over $650 million in equity and debt funding from prominent investors, including Tiger Global, Dragoneer Investment Group, and Steadfast Capital.

BharatPe’s strategic initiatives and growth maneuvers have yielded positive results, evident in its reported revenue surge to Rs 904 crore in FY23, a substantial increase from Rs 321 crore in FY22. The company has also significantly reduced its loss before tax, dropping from Rs 5,594 crore to Rs 886 crore, accompanied by a simultaneous decrease in EBITDA loss of approximately Rs 158 crore.

In the lending vertical, BharatPe’s merchant lending division witnessed a remarkable 129 per cent increase in facilitated loans, totaling Rs 5,339 crore. The company’s commitment to innovation and diversification is evident through the introduction of novel revenue streams, including QR usage, credit card bill payments, and utility payments in its consumer business.

BharatPe’s swipe business recorded a noteworthy 63 per cent increase in Total Payment Volume (TPV), complemented by the installation of approximately 8 lakh new soundbox devices in FY23.

The successful conclusion of the $100 million debt round strategically positions BharatPe for continued growth, reaffirming its stature as a major player in the fintech landscape. With a focus on innovation and expanded offerings, the recent funding is set to play a pivotal role in propelling BharatPe’s vision forward.

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