Search
BharatPe garners ₹200cr in debt
August 20, 2021
New Delhi-based fintech organization Resilient Innovations Pvt. Ltd, which runs the merchant’s payment platform BharatPe, said it has raised ₹200 crores ($27 million) in its seventh round of debt financing from IIFL Wealth and Northern Arc Capital.
The organization said it plans to raise a sum of $250 million (about ₹1,859 crores) in debt by the end of March next. So far, this fiscal, BharatPe has raised ₹500 crores ($70 million) in debt.
“We have witnessed a surge in demand for merchant loans, with multifold growth over the last few years. With the festive season coming up soon, we are committed to scaling our lending vertical aggressively and have set an objective of 10x growth in lending by 2022-23,” said Suhail Sameer, CEO at BharatPe in an explanation.
He said the organization is planning to bring $700 million in debt debtors over the next two years.
The firm plans to partner together with domestic and global investors to facilitate credit growth. BharatPe said it will build a loan book of $1 billion by March 2023 supported by its expansion to new urban cities.
Important Links:
- Post Graduate Diploma in Management (PGDM): https://tscfm.org/courses/3-in-1-management-program/