Fintech startup for merchants, BharatPe, recently announced that it has raised Rs 50Cr in debt funding from Trifecta Capital, a venture debt fund that is focused on new economy businesses. It seems that the company is constantly working towards building its lending business.
BharatPe claims to be one of the largest B2B fintech lenders in the country, disbursing Rs 200Cr to its merchant partners every month. The company is focussed on disbursing Rs 1,000Cr of loans in FY21 and $2 bn in loans by March 2023 & has already disbursed loans to more than 1 lakh merchants, aiming to enable credit to 10 lakh small merchants and kirana store owners in 2021.
“BharatPe is committed to empowering the small merchants and kirana store owners with easy to use and secure fintech products. The fact that we have been able to raise debt from all three renowned venture debt providers — Alteria, Innoven and Trifecta Capital — in the largest single raise is a testimony of the scalability of our business model,” said Ashneer Grover, Co-founder and CEO, BharatPe.