BharatPe Facilitates ₹. 1,000 Crore Loan Disbursal So Far, Targets ₹. 1,250 Crore by end of FY21

On Friday, BharatPe, the Fintech services company stated that it had already exceeded its target of facilitating the disbursement of Rs. 1,000 crore (US$ 137.07 million) of business loans to its merchant partners in FY21.

BharatPe stated that it is likely to end up facilitating disbursements of Rs. 1,250 crore (US$ 171.34 million) in FY21, while reporting that it has approved loans to > 1.1 lakh merchants across > 75 cities in India.

Delhi-NCR, Bengaluru, Hyderabad, and Pune are some of the top ranked cities and areas today for the lending industry.

Industries like grocery, food and beverages, and fashion, retail and beauty were the top categories for loans.

Mr. Suhail Sameer, Group President, BharatPe, said, “In FY22, we have fixed ourselves a goal of allowing credit for 10 lakh small merchants and kirana store owners, totalling up to US$ 1 billion in disbursements.”

He said, “We expect that merchants in tier-2, 3 and 4 cities and towns will accelerate the next stage of growth for our lending sector”.

He added that the company is aiming to broaden its lending portfolio and will provide a host of secured and unsecured lending products in the new fiscal for merchants as well as distributors and wholesalers.

BharatPe recently raised US$ 108 million in Series D equity round, at a valuation of US$ 900 million. The round was led by Coatue Management, the company’s existing investor.

Also, the round was participated by the company’s all seven existing institutional investors — Beenext, Amplo, Ribbit Capital, Insight Partners, Coatue Management, Steadview Capital, and Sequoia Capital.

Source : IBEF