Fintech firm BharatPe raises $10 million debt, says Report

Fintech major BharatPe has reportedly raised $10 million in debt funding through non-convertible debentures from Trifecta Venture and InnoVen Capital.

The board at BharatPe has issued 500 Series E1 debentures at Rs 10,00,000 each and 3,500 Series F1 debentures at Rs 1,00,00 each to raise Rs 85 crore, Entrackr reported citing the company's regulatory filing with the Registrar of Companies.

Trifecta Venture Debt contributed Rs 50 crore, while InnoVen Capital added Rs 35 crore.

Previous funding 

The report said the debt financing is part of BharatPe's broader financial strategy as it approaches break-even. By opting for debt instead of equity, BharatPe aims to avoid diluting its equity.

Prior to this, the fintech firm reportedly marked the final close of its $100 million debt round led by InnoVen Capital in the range of $60-70 million.

BharatPe's financial performance

BharatPe has shown substantial financial resilience and growth. According to financial performance reports, the company’s operating revenues increased by 16% in FY24, rising to Rs 1,370 crore from Rs 1,029 crore in FY23.

Additionally, the fintech major reduced its losses by 70%, bringing them down to Rs 270 crore in the last fiscal year.

Who are the founders?

BharatPe was founded in 2018 by Ashneer Grover and Shashvat Nakrani. BharatPe has been a pioneer in the fintech space, introducing India's first UPI interoperable QR code and the zero MDR payment acceptance service. 

In August 2021, BharatPe joined the unicorn startup club after raising $370 million in a Series E funding round at a valuation of $2.85 billion. The funding round was led by New York-based Tiger Global, Dragoneer Investment Group, and Steadfast Capital.