BharatPe Secures $10 Million in Debt Financing from Trifecta and InnoVen

To date, the company has raised over $650 million in both equity and debt from investors

Fintech company BharatPe has secured Rs 85 crore (about $10 million) in debt by issuing non-convertible debentures. This is the second time in 2024 that BharatPe, which is backed by Peak XV and Coatue, has raised funds through debt.

BharatPe’s board has issued two types of debentures: 500 Series E1 debentures at Rs 10 lakh each and 3,500 Series F1 debentures at Rs 1 lakh each, according to their filing with the Registrar of Companies. Trifecta Venture Debt contributed Rs 50 crore, while Innoven Capital added Rs 35 crore.

Earlier this year, BharatPe completed a $100 million debt round. InnoVen Capital was expected to invest between $60-70 million, with the remaining funds coming from Credit Saison for BharatPe’s NBFC arm, Trillion Loans. It’s unclear if the current debt from Innoven is part of this previous investment or new.

BharatPe chose to raise money through debt instead of equity because the company is close to reaching break-even and wants to avoid giving away more ownership. The last time BharatPe raised equity was in August 2021, when it achieved unicorn status. 

To date, the company has raised over $650 million in both equity and debt from investors like Tiger Global, Dragoneer Investment Group, Steadfast Capital, and others.

According to TheArch, BharatPe’s revenue grew by 16% to Rs 1,370 crore for the fiscal year ending March 31, 2024, up from Rs 1,029 crore the previous year. The company also significantly reduced its losses by 70%, bringing them down to Rs 270 crore.