New Delhi: Merchant focused QR code-based payments firm BharatPe has secured Rs 200 crore in debt from ICICI Bank, Alteria Capital, and Innoven Capital. The debt infusion has come at a time when the company put a joint bid with Centrum Group to acquire the scam-hit lender Punjab and Maharashtra Cooperative Bank.
Alteria and ICICI have loaned Rs 90 crore and Rs 49 crore respectively in the New Delhi-based firm, regulatory filings show. With Rs 60 crore worth of debt infusion from Innoven last week, the firm has raised Rs 200 crore in total debt to date.
This is the first round of debt financing for BharatPe and one of the largest debt closures by a growth stage fintech company in the recent past. The size of the debt also shows that investors are bullish about the company.
BharatPe has become one among a few startups in the payments space in India to raise that much funds from venture debt providers.
Launched by Ashneer Grover and Shashvat Nakrani, the two-year-old company provides a single interface or interoperable QR code for all existing UPI apps such as Google Pay, PhonePe, Paytm, BHIM, Mobikwik, and others.