Merchant payments and financial services provider BharatPe has reportedly received $27m in debt funding, less than a month after closing a $370m investment.
The credit facility was supplied by IIFL Wealth and Northern Arc Capital, according to a report from VCCircle.
BharatPe is looking to raise $250m in debt by the end of the 2021/22 financial year, it said. The FinTech has already raised a total of $70m so far this year.
Beyond this, the India-based FinTech company is looking to raise $700m in debt over the course of the next two years. It will also increase its domestic and international investors.
A reason for the close of the debt line is the upcoming festive season. Heading into the period, BharatPe is looking to scale its lending to meet demand. The FinTech company is hoping to increase its lending by 10-times by 2022, it said.
The company’s current ambition is to build a loan book of $1bn by March 2021.
BharatPe recently secured $370m in its Series E funding round, which was led by Tiger Global Management. The investment, which closed in early August 2021, helped BharatPe enter the unicorn club, with its valuation reaching $2.8bn.
The FinTech company reached a valuation of $900m in February 2021, after it closed a $108m investment.
Companies can leverage BharatPe to access merchant payment services and empower them to accept digital payments through QR codes and point of sales machines.
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