BharatPe secures $100 million debt round to propel strategic expansion

BharatPe funding: Fintech unicorn BharatPe has officially concluded its $100 million debt round, led by InnoVen Capital contributing in the range of $60-70 million, according to Entrackr. This fundraising milestone marks BharatPe's return to debt funding after a hiatus of more than two years.

In tandem with the overall funding, BharatPe's NBFC arm, Trillion Loans, has also secured a distinct debt round from Credit Saison, the report added. Following BharatPe's acquisition of a majority 51 per cent stake in Mumbai-based Trillion Loans in May 2023, key figures like Ravindra Pandey, Nalin Negi, and Sabyasachi Senapati have been appointed to the board of the NBFC arm.

This recent debt round follows BharatPe's last equity round in August 2021, where it announced a substantial $370 million in Series E funding. To date, the fintech giant has amassed over $650 million in equity and debt from notable investors such as Tiger Global, Dragoneer Investment Group, and Steadfast Capital, among others.

BharatPe's strategic initiatives and growth maneuvers are reflected positively in its reported revenue, surging to Rs 904 crore in FY23 compared to Rs 321 crore in FY22. Significantly, the company has substantially reduced its loss before tax from Rs 5,594 crore to Rs 886 crore, accompanied by a simultaneous decrease in EBITDA loss of approximately Rs 158 crore.

In the lending vertical, BharatPe's merchant lending division witnessed a remarkable 129 per cent increase in facilitated loans, amounting to Rs 5,339 crore. The company's commitment to innovation and diversification is evident through the introduction of novel revenue streams, including QR usage, credit card bill payments, and utility payments in its consumer business.

BharatPe's swipe business also recorded a noteworthy 63 per cent increase in Total Payment Volume (TPV), complemented by the installation of approximately 8 lakh new soundbox devices in FY23.

The successful conclusion of the $100 million debt round strategically positions BharatPe for continued growth, reaffirming its stature as a major player in the fintech landscape. With a focus on innovation and expanded offerings, the recent funding is set to play a pivotal role in propelling BharatPe's vision forward.