BharatPe to raise $150-200 million equity, $500 million debt in new fundraising round: Report
The first tranche of $100 million equity is targeted by March 2021
January 05, 2021 / 03:15 PM IST
BharatPe plans to raise $150-200 million equity and nearly $500 million debt over two years, and the first tranche of $100 million equity is targeted by March 2021, Co-founder and CEO Ashneer Grover said.
This comes after the Delhi-based alternate lending start-up raised $75 million in February 2020 in a Series C round from US-based Ribbit Capital and Coatue Management after which it is valued at $400 million.
The coming funding would value BharatPe at $1 billion – making it India’s seventh richest unicorn, a source told Mint.
Moneycontrol could not independently verify the report.
Grover said they are “more excited about the debt we are raising from international banks and financial institutions as we look to create an India-focused credit fund. Fintech is moving towards lending and debt will become much bigger than the equity market.”
The $500 million debt will be disseminated through non-banking financial companies (NBFCs) and non-competing fintechs to expand BharatPe’s merchant base, Grover said, adding that $40 million debt funding has already been raised.
He did not comment on the company’s expected valuation post complete funding.
In January, BharatPe plans to launch its wholesale finance product BharatPe DtoR (Distributor to Retailer), which will “underwrite wholesalers and extend to them a credit line which distributors can offer to end-retail partners and kirana owners,” as per the report. The company expects average ticket size of Rs 50 lakh with permitted loans for retailers being Rs 1 lakh for 30 days.