BharatPe, a QR-based payments company, has reportedly around $8.2m in venture debt from InnoVen Capital.
The funds were reportedly part of BharatPe’s plan to raise between $500m and $700m of debt capital during the next two years, according to a report from VcCircle. BharatPe is also allegedly looking to raise another $150m-$200m in equity.
Based in India, BharatPe enables merchants to accept mobile payments through QR-code stickers, which a customer scans with their mobile to complete a transaction. Businesses can also use BharatPe to manage their operations, including a dashboard to monitor capital available, interest on loans, daily transactions and more.
Clients of BharatPe can take out loans to support their operations and pay their bills directly through the app.
Last year, the FinTech company secured a $75m Series C round, which valued the business at $400m. The round was backed by Coatue Management and Ribbit Capital.
The funds were raised to provide working capital for its merchant partners.
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