Wednesday, 31 July 2024, Bengaluru, India
BharatPe is a fintech platform that secured $10 million from Innoven and Trifecta in its second debt funding round. The funding round saw participation from new and existing investors including Coatue and Peak XV partners. This marks the second debt funding round for the startup. BharatPe is a platform that offers both efficient and secure transaction processes helping users to make faster and more efficient payments.
The board has approved a resolution to allot 500 series E1 debentures at an issue price of Rs 10,00,000 each and 3,500 series F1 debentures at Rs 1,00,00 per debenture to raise 10 million USD. Trifecta Ventures led the debt funding round with a Rs 50 crore investment followed by Innoven Capital with Rs 35 crore. According to the company filing, the startup will use these fresh proceeds for working capital purposes and market expansion. The fintech startup completed its debt round of $100 million earlier this year. Innoven Capital was expected to invest around $60 to $70 million. Credit Saison invested the remaining capital in the Trillion Loans, an NBFC subsidiary under Bharatpe.
The digital platform offers grocery stores and small merchants different financial services options. The startup turned unicorn in 2021 after its equity funding round. The application also provides fintech services like loans. It plans to expand its services using this investment. The company intends to solidify its online presence and increase its client and customer base across India. The startup has secured over $650 million across multiple equity and debt funding rounds to date. The platform helps merchandisers and small grocery stores accept payments from guests for free. BharatPe faces competition from other fintech platforms such as PhonePe, benow, and Paytm.
The Arch report announced that BharatPe had around a 16 percent increase in its operating revenue to Rs 1,370 crore in FY24. The fintech unicorn also reported a 70 percent decline in its losses to Rs 270 crore in the same duration. The platform leverages advanced technologies to operate transactions in real-time securely. The startup aims to make the digital financial platform accessible, and transparent to all. This fintech unicorn uses a technology-driven approach to offer its services in the economic marketplace. The development came just after the fintech sector showed increased interest from investors.
Conclusion:
BharatPe is a digital financial platform offering fintech startup that secured $10 million in its debt funding round from Trifecta ventures with the participation of Innoven Capital and other existing investors. The company intends to use this fresh capital to enhance its platform, scale its operations, and expand its services into the fintech market. The platform provides various fintech services including loans. The startup plans to expand its network globally and increase its customer base. The board passed a resolution to issue series E1 debentures and 500 series F1 debentures to raise $10 million. The company has secured around $650 million across multiple equity and debt rounds to date.
