[Funding alert] BharatPe raises Rs 60 Cr in debt financing from Innoven Capital
Digital fintech payments platform, BharatPe on Wednesday raised Rs 60 crore in debt financing from InnoVen Capital, venture debt and speciality lending firm.
Commenting on the new development, Suhail Sameer, Group President, BharatPe, stated,
"As we build the lending business at BharatPe, raising institutional debt is important to us. We plan to raise $500-700 million of debt capital over the next two years. 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.”
Co-founded by Ashneer Grover and Shashvat Nakrani in 2018, BharatPe launched India’s first UPI interoperable QR code, first ZERO MDR payment acceptance service, and first UPI payment backed merchant cash advance service.
At present, BharatPe provides a single interface for all existing UPI apps such as Paytm, PhonePe, Google Pay, BHIM, Mobikwik, Freecharge, TrueCaller among 100 other UPI transaction applications and allows merchants to accept UPI payments for free, through the BharatPe QR.
It also supports merchants to access credit and other value-added services. The platform claims to have already facilitated disbursement of over Rs. 500 crores to its merchants since launch.
Further commenting on the investment, Ashish Sharma, CEO, Innoven Capital India 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. This is a massive market and we look forward to being a partner in BharatPe’s ambitious growth agenda.”
Started in 2008, Innoven Capital India offers multiple debt capital solutions, including venture debt, acquisition finance, growth loans, and syndication.
Since inception, InnoVen Capital India has completed over 250 transactions with more than 180 startups, including BYJU'S, Swiggy, OYO, CureFit, Eruditus, Dailyhunt, FirstCry, PharmEasy, Pepperfry, boAT, Licious, Myntra, Blackbuck, Rebel Foods, and many more.
Edited by Saheli Sen Gupta