BharatPe secures $100 million in debt round

After a two-year break, fintech behemoth BharatPe has successfully completed a $100 million financing round, marking its comeback to debt fundraising.

According to reports, InnoVen Capital is a significant contributor, having committed an estimated $60–70 million. The decision to go with financing rather than equity is in line with BharatPe's strategic direction and suggests that the company is almost break-even.

The company’s NBFC arm Trillion Loans also secured a separate debt round from Credit Saison, as per report. BharatPe acquired 1% stake in Trillion Loans in May 2023. The firm appointed Ravindra Pandey, Nalin Negi and Sabyasachi Senapati on the board of the acquired company.

“BharatPe has chosen debt instead of equity as the firm appears close to break-even and doesn’t want to dilute equity at the moment,” said a source.

In August 2021, the fintech firm last raised its equity round when it announced $370 million in Series E round. Post the funding round, the firm entered the unicorn club.

BharatPe has raised over $650 million in equity and debt from the likes of Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital and others. In terms of debt, BharatPe raised a total of over Rs 600 crore or $84 million in debt in 2021 only.

BharatPe also crossed Rs 1,000 crore revenue mark in FY23 and reported two fold jump in its operating revenue to Rs 1,029 crore in the last fiscal year as compared to Rs 457 crore during FY22.