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BharatPe facilitates Rs 1,000 crore loan disbursal in fiscal 2021

The firm said it has already surpassed its target of facilitating disbursal of Rs 1,000 crores of business loans to its merchant partners

Topics
bharatpe | loans | Fintech

IANS  |  New Delhi 

bharatpe
BharatPe (Photo: bharatpe.com)

services company on Friday said it has already surpassed its target of facilitating disbursal of Rs 1,000 crores of business in FY 2020-21, to its merchant partners.

While stating that it has enabled to over 1.1 lakh merchants across over 75 cities in India, said it is likely to end up facilitating disbursals of Rs 1,250 crores in FY 21.

Some of the top performing cities and areas today for the lending business include Delhi-NCR, Bengaluru, Hyderabad, and Pune.

Also, the top categories for were groceries, food and beverages, and fashion, retail and beauty.

"We have set ourselves a target of enabling credit for 10 lakh small merchants and kirana store owners in FY22, totalling up to $1bn in disbursals," Suhail Sameer, Group President, BharatPe, said in a statement.

"We believe that the next level of growth for our lending business will be driven by merchants in the tier-2, 3 and 4 towns and cities," Sameer said, adding that the company is working on expanding its lending portfolio and will be offering a host of secured and unsecured lending products for merchants as well as distributors and wholesalers in the new fiscal.

recently announced that it has raised $108 mn in Series D equity round, at a valuation of $900 mn.

The round was led by the company's existing investor Coatue Management.

All seven existing institutional investors participated in the round -- Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital.

--IANS

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, February 26 2021. 16:37 IST
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