Bharatpe raises Rs 50 crore debt from Northern Arc Capital
Indian digital payments firm Bharatpe has raised Rs 50 crore ($6.8 million) in debt from Northern Arc Capital to fuel its expansion plans and strengthen its lending vertical.
This is the sixth round of debt financing for BharatPe this year. In January, the company had raised Rs 200 crore from a host of companies.
The company will use the funds to help merchants across the country transform their businesses. It plans to help around 10 lakh merchants financially during the current financial year.
“At Bharatpe, we are committed to bridge the credit gap for SMEs and small merchants in the country. We have considerably ramped up our lending business in the last year and have set an ambitious target of facilitating disbursals to the tune of $1 billion to ten lakh merchants by the end of the current fiscal (FY22),” said Suhail Sameer group president at Bharatpe in a statement.
“As we aggressively build this vertical and roll out products in the secured lending space, we will continue to partner with institutional debt providers to help empower millions of small merchants in India,” he added.
Bharatpe was co-founded by Ashneer Grover and Shashvat Nakrin 2018. It has already established its operations in 13 cities and currently serves over 10 lakh merchants across India.
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