BharatPe on Wednesday said it plans to raise over Rs 5,000 crore debt funding in next 2 years, in the biggest fund-raiser for the financial technology startup.
The New Delhi-based firm has already received Rs 60 crore from Innoven Capital, venture debt and speciality lending firm, it said.
“As we build the lending business at BharatPe, raising institutional debt is important to us. We plan to raise $500-700 million (Rs 3,600 crore – Rs 5,118 crore) of debt capital over the next 2 years.”
BharatPe group president Suhail Sameer said, “we are incredibly glad that Innoven Capital is our first supporter on this journey. We look forward to working with Innoven to build a long-term win-win relationship,”
With the help of BharatPe QR, the company at present provides a single interface for all existing UPI apps and allows merchants to accept UPI payments for free. It also supports merchants to access credit and other value-added services.
Speaking about the partnership Innoven Capital India CEO Ashish Sharma said, “We are excited to partner with BharatPe as their first institutional debt provider. BharatPe is not only helping millions of merchants to accept UPI payments seamlessly but also enabling them access to credit, which has been a pain point.”
Sharma further said his company is looking forward towards the partnership’s ambitious growth agenda.