BharatPe Looking To Raise INR 500 Cr Debt In The Upcoming Year

Fintech unicorn BharatPe is looking to secure INR 500 Cr debt through unlisted non-convertible debentures (NCDs).

Although a final decision on the issue price is pending, the company plans to secure the funds in multiple tranches throughout the upcoming year, ET reported.

BharatPe’s board sanctioned the fundraising initiative last week. Additionally, the board also approved the appointment of Colin Bryant, chief operating officer (Private Equity) and general partner at the US-based hedge fund Coatue, as a director. Bryant is set to succeed Rahul Kishore, the previous nominee from Coatue who departed the fund in November.

Furthermore, the company elevated its General Counsel, Sumeet Singh, to the position of a whole-time director. Singh, who assumed roles at BharatPe in 2021, has been instrumental in overseeing corporate strategy, corporate affairs, and fundraising. In February of the current year, he was appointed as an additional executive director.

Peak XV-backed BharatPe last raised $370 Mn at a valuation of $2.9 Bn in 2021. Earlier in September, it was reported that BharatPe was in talks with existing investors to raise $100 Mn in a new round of funding.

Meanwhile, the fintech startup has claimed to have turned EBITDA positive in the month of October. The startup said that its annualised revenue has crossed INR 1,500 Cr in FY24, a 31% increase from FY23.

BharatPe’s lending vertical, in October alone, has facilitated loans exceeding INR 640 Cr for its merchants in partnership with its NBFC, demonstrating a 36% year-on-year jump as compared to FY22. The startup has facilitated loans worth INR 12,400 Cr since its foray into the lending business in late 2019.