Through the pandemic in 2020 and 2021, BharatPe has continued to support the credit requirements of its merchant partners and has emerged as one of the largest B2B
lenders in the country. Having facilitated disbursals of over Rs 1,600 crore ($ 230 million) to more than two lakh merchants since the launch of the lending vertical, BharatPe aims to disburse Rs 14,000 crore ($ 2 billion) in business loans by March 2023.
Northern Arc has been at the forefront of fighting the economic and social impact of the pandemic. It has directly disbursed over Rs 3,500 crore ($ 500 million) over the last financial year to MSMEs, households, financial institutions and mid market corporates. It has also enabled flow of financing of over Rs 1,000 crore ($ 150 million) from various development financial institutions from across the world to underbanked small businesses and households.
Commenting on the debt fund raise, Suhail Sameer, Group President, BharatPe, said “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 a target of facilitating disbursals to the tune of $ 1 billion to more than 10 lakh merchants by the end of current fiscal (FY22). As we 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.”
Bama Balakrishnan, COO, Northern Arc, in a statement said, “Northern Arc has continually worked towards extending credit to like-minded organisations such as BharatPe that enable financial access to small businesses and merchants across the country. This transaction is a testament to Northern Arc’s commitment towards fulfilling the credit requirement of the under-banked segments of the country.”