Exclusive: BharatPe and NBFC arm Trillion Loans complete debt round

Fintech firm BharatPe has completed its $100 million debt round, according to sources aware of the development. The new debt round has come after a gap of more than two years for the Delhi-based company.

“InnoVen Capital is in the last leg to deploy one of its largest bets in BharatPe which could be anywhere in the range of $60-70 million,” said a source requesting anonymity.

Its NBFC arm Trillion Loans has also raised a separate debt round from  Credit Saison, as per sources. In May 2023, BharatPe acquired a majority 51% stake in Mumbai-based Trillion Loans. The Tiger Global-backed firm also appointed Ravindra Pandey, Nalin Negi and Sabyasachi Senapati on the board of the NBFC arm.

“BharatPe has chosen debt instead of equity as the firm appears close to break-even and doesn’t want to dilute equity at the moment,” said another source who also requested anonymity as talks are private.

BharatPe raised its last equity round in August 2021 when it announced $370 million in Series E round. The firm also entered into the unicorn club post-funding.

BharatPe declined to comment while queries sent to InnoVen and Credit Saison did not elicit an immediate response. We’ll update the post in case they do.

BharatPe has raised over $650 million in equity and debt from the likes of Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital and others. In terms of debt, BharatPe raised a total of over Rs 600 crore or $84 million in debt in 2021 only.

BharatPe also crossed Rs 1,000 crore revenue mark in FY23 and reported two fold jump in its operating revenue to Rs 1,029 crore in the last fiscal year as compared to Rs 457 crore during FY22. Entrackr exclusively reported the development.

The firm’s losses stood at Rs 941 crore during FY23 against Rs 834 crore in the previous year. In the ongoing fiscal year, the firm also reported its first profitable month i.e. October.

BharatPe recently claimed that it has provided loans worth over Rs 12,400 crore and it also facilitated loans worth Rs 640 crore in a month to merchants in partnership with its NBFCs.