BharatPe gets fresh govt notice as part of ongoing inquiry
BharatPe emphasised that the requested information was part of the ongoing inquiry mentioned in its audited results and affirmed its cooperation with the authorities.
BharatPe on Monday said it has raised Rs 50 crore in debt from Northern Arc Capital in the sixth round of debt financing in 2021.
The leading digital debt finance platforms in January had raised Rs 200 crore from three top debt companies in the country – Alteria Capital, InnoVen Capital and Trifecta Capital, having later raised additional capital from ICICI Bank and Axis Bank.
“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 more than 10 lakh merchants by the end of current fiscal (FY22),” said Suhail Sameer, Group President, BharatPe.
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“We are excited about our latest capital raise from Northern Arc and are confident that, together, we will be able to transform Bharat and serve the needs of the underserved businesses in India,” he added.
The fintech company has already facilitated disbursals of over Rs 1,600 crore to more than 2 lakh merchants since the launch of the lending vertical.
“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,” said Bama Balakrishnan, COO, Northern Arc.
Northern Arc has directly disbursed more than Rs 3,500 crore over the last financial year to MSMEs, households, financial institutions and mid-market corporates.
BharatPe’s last institutional round of funding happened in February which valued the company at $900 million. It was a $108 million round which constituted $90 million of primary and $18 million of secondary fundraising. The round was led by the company’s existing investor Coatue Management. All seven existing institutional investors Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital participated in the round.
With this investment, BharatPe has raised close to $300 million in equity and debt to date.
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