BharatPe, a fintech firm, announced on Thursday that it has secured Rs 200 crore in debt capital from IIFL Wealth and Asset Management and Northern Arc Capital, marking the company’s eighth debt round in 2021.
The company also stated that by the end of FY22, it intends to raise $250 million in debt.
Given the forthcoming festive seasons and recent high demand for merchant loans, BharatPe hopes to deploy money from the new round to develop its lending business considerably.
“We are committed to empowering our merchant partners, and intend to build a loan book of $1 billion by March 2023,” said Nishit Sharma, Chief Revenue Officer of BharatPe, in a press statement.
“We are pleased to partner with a unicorn-like BharatPe as it expands its merchant network and diversifies into lending. We believe that technology, coupled with the right financial products, can empower under-served small enterprises, merchants and households,” said Bama Balakrishnan, Chief Operating Officer of Northern Arc, in a press release.