New Delhi, 18th Jan 2021: Indian fintech company BharatPe raises about USD 20 million in debt funding from venture firm Alteria Capital and ICICI Bank that will be used to strengthen its lending business and provide credit to merchants.
Founded by Ashneer Grover and Shashvat Nakrani in 2018, BharatPe offers merchants a single interface for all UPI apps like Paytm, PhonePe, Google Pay, BHIM, Mobikwik, Freecharge, and others.
BharatPe co-founder and CEO Ashneer Grover said $13 million in debt came from Alteria Capital, while the remaining $7 million was from ICICI Bank.
Bharat Pay also facilitates loan facility for its merchant partners.
Last week, BharatPe raised around $8 million in debt funding from Innoven Capital. With this, BharatPe has raised a total of USD 28 million. It had said it plans to raise over $700 million in debt funding in the next two years to build its lending business.
Currently, serving over 5 million merchants across 65 cities, the company has grown business 30 times in 2019 and processed over 60 million UPI transactions a month (annualised transaction processed value of over USD 7 billion).
BharatPe has raised close to USD 171 million in equity and debt till date. The company’s investors include Beenext, Sequoia, SteadView Capital, Ribbit Capital, Coatue Management LLC, Insight Partners, and Amplo.