Rs 50 Cr In Debt Funding Raised By BharatPe From Northern Arc
- ByStartupStory | May 10, 2021
BharatPe, a payments company serving the offline retailers and businesses announced on Monday that BharatPe has raised funding worth Rs 50 crore ($7 million) in debt from Northern Arc Capital.
This is the sixth round of debt financing, Funding Raised by BharatPe in the year 2021. It aims to disburse Rs 14,000 crore ($2 billion) in business loans by March 2023.
“At BharatPe, we are committed to bridge the credit gap for SMEs and small merchants in the country. We have considerably ramped up our lending business in the last year and have set an ambitious target of facilitating disbursals to the tune of $1 billion to 10 lakh+ merchants by the end of current fiscal (FY22).” Suhail Sameer, Group President, BharatPe, said regarding the funding raised by BhratPe.
In January this year, the funding raised by BharatPe was Rs 200 crore ($26 million) from three top debt companies in the country Alteria Capital, InnoVen Capital and Trifecta Capital, having later raised additional capital from ICICI Bank and Axis Bank.
“Northern Arc has continually worked towards extending credit to like-minded organisations such as BharatPe that enable financial access to small businesses and merchants across the country. This transaction is a testament to Northern Arc’s commitment towards fulfilling the credit requirement of the under-banked segments of the country,” added Bama Balakrishnan, COO, Northern Arc.
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