Resilient Innovations Pvt Ltd, which operates payments and financial services startup BharatPe, on Wednesday said it has raised Rs 50 crore ($7 million) in venture debt from Trifecta Capital.
With this, BharatPe has raised a total of Rs 249 crore ($35 million) in debt in January, said the fintech firm in a statement.
Earlier this week, BharatPe raised Rs 90 crore ($12.3 million) from Alteria Capital, which was floated by former executives of InnoVen Capital. It also received Rs 49 crore from ICICI Bank.
Last week, BharatPe raised Rs 60 crore (about $8.2 million) from InnoVen Capital.
Ashneer Grover, co-founder and CEO, BharatPe, said that the fact that it has been able to raise debt from all three major venture debt providers – Alteria, Innoven and Trifecta Capital -- is a testimony to the scalability of its business model.
Rahul Khanna, managing partner, Trifecta Capital, said that BharatPe, with its wide merchant network, fintech products and an experienced team, will go a long way in addressing the credit problem for small businesses in the country.
BharatPe was founded in 2018 by Grover and Shashvat Nakrani. The company allows customers to track payments in real time, among other things.
BharatPe currently serves over 50 lakh merchants across more than 65 cities. It claims to have processed over 60 million Unified Payments Interface (UPI) transactions a month with an annualised transaction value of more than $7 billion.
The company also says it is disbursing Rs 200 crore to merchant partners every month. It aims to disburse Rs 1,000 crore of loans in this fiscal ending 31 March 2021 and $2 billion by March 2023.
The startup has raised capital at a breakneck pace since it began operations. BharatPe raised $75 million in a Series C funding round led by Coatue Management and Ribbit Capital in February last year.
Prior to that, it raised $50 million in its Series B round in August 2019. The round was led by Ribbit Capital and Steadview Capital. Investors such as Sequoia Capital, Beenext and Insight Partners also participated in the round.
The Series B infusion had come just five months after Series A round, through which the firm raised $15.5 million. The startup had previously raised $2 million in seed funding from Sequoia Capital India and Singapore-based Beenext in October 2018.