Fintech giant BharatPe has successfully raised Rs 85 crore (approximately $10 million) in debt through non-convertible debentures, marking its second debt infusion of 2024. The latest round of funding involves Trifecta Ventures and InnoVen Capital, who have each contributed significant amounts to support the company’s financial strategy.
In a regulatory filing with the Registrar of Companies, BharatPe disclosed that it has issued 500 Series E1 debentures valued at Rs 10,00,000 each and 3,500 Series F1 debentures at Rs 1,00,000 each, amounting to a total of Rs 85 crore. Of this sum, Trifecta Ventures has invested Rs 50 crore, while InnoVen Capital has contributed Rs 35 crore.
This latest debt raise follows BharatPe’s completion of a $100 million debt round earlier this year, with InnoVen Capital initially anticipated to invest between $60-70 million. The remaining capital was allocated to BharatPe’s NBFC arm, Trillion Loans, by Credit Saison. It remains to be confirmed whether the recent InnoVen investment is part of this previous amount or a new contribution.
BharatPe’s strategic choice to opt for debt financing over equity dilution comes as the company nears profitability. Since its last equity round in August 2021, which propelled it into unicorn status, BharatPe has amassed over $650 million in equity and debt from major investors such as Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, and Ribbit Capital.
According to a recent report by TheArch, BharatPe’s operational revenue grew by 16% to Rs 1,370 crore in FY24, up from Rs 1,029 crore in FY23. Additionally, the company achieved a significant milestone by reducing its losses by 70%, bringing them down to Rs 270 crore in the last fiscal year.
This strategic debt infusion is part of BharatPe’s broader efforts to strengthen its financial position and continue its growth trajectory in the competitive fintech landscape.
