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Business News/ Companies / News/  BharatPe expands to 100 cities in India
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BharatPe expands to 100 cities in India

The company plans to raise close to $500 million in debt by FY23, having recently raised $35 million from venture debt providers Alteria Capital, Trifecta Capital and InnoVen. It aims to raise $200 million debt from banks and others this year

We will continue deepening the credit ecosystem for our merchants, said BharatPe chief Ashneer GroverPremium
We will continue deepening the credit ecosystem for our merchants, said BharatPe chief Ashneer Grover

BENGALURU: Financial services startup BharatPe has expanded its footprint to 100 cities across India, including tier 2 and 3 cities, with an aim to cover 300 towns by 2023.

The growth comes on the back of the $108 million Series D funding round BharatPe recently closed, led by New York-headquartered hedge fund Coatue Management.

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New additions include, Guwahati, Vellore, Hosur, Nagpur, Raipur, Bilaspur, Bhubaneswar, tourist hubs like Pondicherry, Amritsar, Varanasi, and Agra.

The company has rolled out its Unified Payments Interface (UPI) payment acceptance service through quick response (QR) codes and loans to merchant partners in the new cities in the first phase. It will top this up with other fintech products in the second phase over the coming months.

“The expansion is in line with the exponential growth that the company has experienced in tier-2 and beyond markets over the last one year. BharatPe has witnessed a notable spike in digital transactions beyond its top 30 cities over the last one year, with an increase of 70% in number of transactions and 120% in value of transactions (TPV). We are focussed on creating awareness about digital payments and bringing the new age fintech services to the last mile in India." said Suhail Sameer, group president, BharatPe.

BharatPe plans to add 4 million merchants to its existing list of over 6 million merchants by the end of 2021, Sameer added.

In an earlier interaction with Mint, BharatPe co-founder and chief executive Ashneer Grover had said the company plans to raise close to $500 million in debt by FY23, having recently raised $35 million from venture debt providers Alteria Capital, Trifecta Capital and InnoVen. It now aims to raise $200 million debt from banks and other institutions this year, Grover had said.

“We believe that equitable access to digital services is critical to bring a transformative change in the economy. With rapidly growing acceptance of UPI services across India, we intend to provide the right payments and credit platform, and make a positive difference in the lives of millions of underserved or unbanked merchants," said Nishant Jain, chief business officer, BharatPe.

Over the past year, the company has beefed up its product offerings, including point-of-sale card terminals offering BharatSwipe and close-loop loyalty cards. It has also been focusing on newer merchant segments to disburse credit. BharatSwipe aims to clock $1.5 billion in annual TPV run rate and is present in 10 cities.

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Published: 10 Mar 2021, 01:54 PM IST
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