Digital payments startup BharatPe has raised about $7 million (Rs 50 crore) in debt funding from venture debt firm Trifecta Capital, it announced on Wednesday.
This is the third tranche of debt fund financing raised by BharatPe. In the last two tranches, the company raised Rs 199 crore in debt from Alteria Capital, ICICI Bank and Innoven Capital.
“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,” BharatPe co-founder and CEO Ashneer Grover said.
The debt raised will help further build the lending business and enable credit for millions of businesses across India’s length and breadth, he added.
Previously, the company had said institutional debt would help catapult its lending business, and that it intends to raise close to $700 million of debt capital over the next two years.
INDIA DEAL MONITOR
Here are prominent venture capital transactions in India from January 17-20, 2021.
