Fintech BharatPe received $10 M non-convertible debt from Trifecta, InnoVen
The fintech company BharatPe has issued non-convertible debentures to raise Rs 85 crore, or roughly $10 million, in debt. This represents the company’s second debt infusion in 2024, backed by Peak XV and Coatue.
According to BharatPe’s regulatory filing with the Registrar of Companies, the board issued 3,500 Series F1 debentures at Rs 1,00,00 each and 500 Series E1 debentures at Rs 10,00,000 each in order to raise Rs 85 crore.
According to the filing, Trifecta Venture debt contributed Rs 50 crore, and Innoven Capital contributed Rs 35 crore.
Early this year, BharatPe reportedly finished its $100 million debt round, according to media sources. It was anticipated that Credit Saison would invest the remaining funds in Trillion Loans, the Delhi-based company’s NBFC division, while InnoVen Capital would contribute $60–70 million to BharatPe.
The amount mentioned above may include debt from Innoven. We have inquired about BharatPe’s investment to find out if it is new or already established.
BharatPe selected debt because it is nearly break-even and didn’t want to dilute equity, according to sources close to the fintech company.
In August 2021, BharatPe completed its most recent equity round and joined the unicorn club. From investors including Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital, and others, it has raised over $650 million in debt and equity.
TheArch report states that BharatPe’s operating revenue climbed from Rs 1,029 crore in FY23 to Rs 1,370 crore in FY24, a 16% increase. In the most recent fiscal year, the six-year-old company reported a 70% decrease in losses, which came down to Rs 270 crore.
