BharatPe Raises INR 85 Cr Debt From Trifecta And InnoVen

Fintech unicorn BharatPe has secured a debt funding of INR 85 Cr (around $10.1 Mn ) from Trifecta Venture and InnoVen Capital through issuance of non-convertible debentures (NCDs).

The company’s board issued 500 Series E1 secured, unlisted, unrated and redeemable debentures with a face value of INR 10 Lakh each and 3500 Series F1 debentures at a face value of INR 1 Lakh each to raise INR 85 Cr, as per regulatory filings.

At INR 50 Cr, Trifecta Venture led the debt funding round while InnoVen Capital invested the remaining INR 35 Cr.

Entrackr reported the development first.

Notably, this is the second instance where BharatPe has raised debt funding this year. In January, the Peak XV-backed startup secured $100 Mn in debt from InnoVen Capital and Credit Saison.

At the time, it was reported that InnoVen Capital was looking to invest $60Mn-$70 Mn in BharatPe.

The latest INR 35 Cr debt infusion by Innoven Capital appears to be part of that deal.

It was also reported earlier that Nalin Negi has been promoted as the CEO of BharatPe. Negi was appointed as interim CEO and CFO of the company following Sameer Sohail’s exit in January 2023.

Recently, BharatPe ended its five-year long legal dispute with PhonePe over the use of the trademark with the suffix ‘Pe’ in their brand names. 

Earlier this year, BharatPe rolled out an ‘all-in-one’ payment device ‘BharatPe One’ that integrates point-of-sale (PoS), QR code scanner, and speaker.

BharatPe widened its net loss to INR 926.9 Cr in the financial year 2022-23 (FY23), up 12% from INR 828.6 Cr in FY21. 

Revenue from operations jumped 125% to INR 1,028.9 Cr in FY23 from INR 456.8 Cr in the preceding fiscal.