[Funding alert] BharatPe raises Rs 100 Cr in debt from MAS Financial Services

BharatPe has raised a total of over Rs 600 crores (~$ 84 million) in debt at competitive rates, this calendar year.
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Fintech startup BharatPe, on Monday, announced it has raised Rs 100 crores (~$ 14 million) in debt from MAS Financial Services Private Limited (MAS Financial), a non-banking financial company. This is the eighth round of debt fundraising for the company in 2021.

BharatPe has raised a total of over Rs 600 crores (~$ 84 mn) in debt at competitive rates, this calendar year. It previously raised seven rounds of debt financing in 2021, having secured over Rs 500 crores from top venture debt funds (Alteria Capital, InnoVen Capital and Trifecta Capital), banks (ICICI Bank and Axis Bank), NBFCs (Northern Arc Capital) and wealth management companies (IIFL Wealth & Asset Management) in the earlier rounds. The company is on track to meet its debt raise targets for FY22.

Commenting on the debt fundraise, Suhail Sameer, chief executive officer, BharatPe said,

“As per industry reports, there is close to $400 bn addressable SME lending opportunity in India. BharatPe is committed to address this credit gap for small merchants and kirana store owners in India with its compelling lending products for offline merchants. Our recent debt raises will give us the raw material to build our merchant lending vertical more aggressively.

BharatPe CEO Suhail Sameer

"BharatPe’s lending vertical has been scaling fast over the last 2 years. In the coming months, we will not only focus on expanding our geographical coverage in India, but also launch a range of innovative lending products for merchants. We are on track to build a loan book of US$ 1 bn by March 2023 for our lending partners,” Nishit Sharma, chief revenue officer, BharatPe, said in a statement.