BharatPe raises Rs 100 crore in debt from MAS Financial Services
BharatPe has raised Rs 100 crores ($14 million) in debt from MAS Financial Services Private Limited (MAS Financial), a non-banking financial company in its eighth round of debt fundraising in 2021.
The company had earlier raised around Rs 500 crore in its previous seven rounds from top venture debt funds. It will utilise the funds to strengthen its merchant lending vertical and expansion across India.
Commenting on the debt fundraise, Suhail Sameer, chief executive officer BharatPe, in a statement 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.”
Nishit Sharma, chief revenue officer at BharatPe, added: “BharatPe’s lending vertical has been scaling fast over the last two 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 billion by March 2023 for our lending partners.”
Bharatpe was co-founded by Ashneer Grover and Shashvat Nakrin in 2018. It has already established its operations across cities and serves over 10 lakh merchants in India.
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