This is the payments app’s sixth round of debt financing so far this year. The company had in January raised Rs 200 crore from Alteria Capital, InnoVen Capital and Trifecta Capital. ICICI Bank Ltd. and Axis Bank Ltd. have also invested in the firm.
Liking this story?
Get one mail covering top tech news of the day in under 5 minutes!
BharatPe supports the credit requirements of its merchant partners. Having facilitated disbursals of over Rs 1,600 crore to more than 2 lakh merchants since the launch of the lending vertical, BharatPe aims to disburse Rs 14,000 crore in business loans by March 2023.
“We are committed to bridge the credit gap for SMEs (small and medium enterprises) and small merchants in the country,” Suhail Sameer, group president at BharatPe, said Monday. “We have considerably ramped up our lending business in the last year and have set an ambitious target of facilitating disbursals of $1 billion to 10 lakh merchants by the end of current fiscal.”
Commenting on the investment, Northern Arc’s Chief Operating Officer Bama Balakrishnan said, “This transaction is a testament to Northern Arc’s commitment towards fulfilling the credit requirement of the under-banked segments of the country.”