On Monday (10th May 2021), Delhi-based financial service platform announced that they raised USD 6.8 Million in debt from Northern Arc Capital. This is the sixth round for the company to raise money in debt financing round.
Till January 2021, the company raised approx USD 26 Million from three top listed debt companies in India – InnoVen Capital, Trifecta Capital, and Alteria Capital. Axis Bank and ICICI bank were also a part in raising their capital.
Till now the company has encouraged outlay of over USD 230 Million to more than 200K merchants, since the time it launched. Now it is aiming to outlay USD 2 Billion in business loans till 2023.
About investors –
Northern Arc Capital is Chennai-based non-banking finance company, to provide debt to individuals and businesses who are under-banked. The company was founded in 2008 by Kshama Fernandes.
The company connects to innovators so that they can make their presence solid and deep in the market; it also provides financial service to millions of neglected households.
Words from the investors –
“Northern Arc has continually worked towards extending credit to like-minded organisations such as BharatPe that enable financial access to small businesses and merchants across the country. This transaction is a testament to Northern Arc’s commitment towards fulfilling the credit requirement of the under-banked segments of the country,” – Bama Balakrishnan, COO, Northern Arc.
About the company –
BharatPe is a financial services platform; it processes payments through POS and UPI and provides loans/ Credits to the merchants.
The company is the largest offline merchant appropriator in the country. They provide POS machines for card payments and QR Codes for UPI payments and small merchants a loan.
It’s backed by investors like Ribbit, Sequoia, Steadview, Beenext and Amplo. They aim to be an ideal platform for financial services in the country.
“ At BharatPe, we are committed to bridge the credit gap for SMEs and small merchants in the country. We have considerably ramped up our lending business in the last year. We have set an ambitious target of facilitating disbursals to the tune of $1 billion to 10 lakh+ merchants by the end of current fiscal (FY22).” – Suhail Sameer, Group President, Bhatratpe.
“As we aggressively build this vertical and roll out products in the secured lending space, we will continue to partner with institutional debt providers to help empower millions of small merchants in India,” – he added.
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