Financial Technology firm BharatPe on Wednesday said it plans to raise over Rs 5,000 crore in debt funding in next 2 years to build its lending business.
The company further announced that it has received Rs 60 crore from Innoven Capital, a venture debt and specialty lending firm.
"As we build the lending business at BharatPe, raising institutional debt is important to us. We plan to raise USD 500-700 million (Rs 3,600 crore - Rs 5,118 crore) of debt capital over the next 2 years.
"We are incredibly glad that Innoven Capital is our first supporter on this journey. We look forward to working with Innoven to build a long-term win-win relationship," BharatPe group president Suhail Sameer said in a statement.
BharatPe at present provides a single interface for all existing UPI apps and allows merchants to accept UPI payments for free, through the BharatPe QR.
It also supports merchants to access credit and other value-added services.
"We are excited to partner with BharatPe as their first institutional debt provider. BharatPe is not only helping millions of merchants to accept UPI payments seamlessly but also enabling them access to credit, which has been a pain point.
"This is a massive market and we look forward to being a partner in BharatPe's ambitious growth agenda," Innoven Capital India CEO Ashish Sharma said.