Kolkata- an Indian fintech startup that launched India’s first up interoperable QR code- BharatPe has recently raised 50 crores in depth from Northern Arc capital.
From the beginning of 2021, this is the company’s 6th round of debt financing. In January it was successful to raise around 200 crores from Alteria Capital, InnoVen Capital, and Trifecta Capital. ICICI Bank Ltd. And Axis Bank has also invested in the Venture.
The company supports the credit need of its merchant partners. It has facilitated dispersions of over rupees 1600 crore to more than 2 lakh version since the launch of the lending vertical. Bharat aims to disburse rupees 40000 crores in business loans by March 2023.
The group president at BharatPe Sohail Sameer said on Monday that we are committed to bridge the credit gap for small and medium enterprises and small merchants across the country.
The company also said that their considerable e ramped up their leading business in 2020 and have set an ambitious target of facilitating dispersal of around 1 billion dollars to 10 lakh merchants by the end of the current fiscal year.
The company and the workforce are working day and night to achieve this target and to lead the business to new heights.
Lastly, the operating officer of the investor Bama Balakrishnan said that this new transaction is a testament to commitment towards fulfilling the credit needs of the under-banked segments of the country.