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Exclusive: BharatPe receives $10 Mn debt from Trifecta and InnoVen

EntrackrEntrackr · 11m ago
Exclusive: BharatPe receives $10 Mn debt from Trifecta and InnoVen
Medial

Fintech firm BharatPe has raised Rs 85 crore (approximately $10 million) in debt through non-convertible debentures. This is the second debt infusion in the Peak XV and Coatue-backed company in 2024. The board at BharatPe has issued 500 Series E1 debentures at Rs 10,00,000 each and 3,500 Series F1 debentures at Rs 1,00,00 each to raise Rs 85 crore, its regulatory filing with the Registrar of Companies shows. Trifecta Venture debt pumped in Rs 50 crore while Innoven Capital participated with Rs 35 crore, shows filing. As per Entrackr’s sources, BharatPe completed its $100 million debt round early this year. InnoVen Capital was expected to pump in $60-70 million in BharatPe whereas Credit Saison invested the remaining capital in the Delhi-based company’s NBFC arm Trillion Loans. Debt from Innoven could be a part of the above amount. We have reached out to BharatPe to confirm if their investment is new or existing. Sources close to the fintech firm added that BharatPe chose debt as it is close to break-even and didn’t want to dilute equity. BharatPe raised its last equity round in August 2021 when it also checked into the unicorn club. It 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. According to TheArch report, BharatPe’s operating revenue increased by 16%, reaching Rs 1,370 crore in FY24, up from Rs 1,029 crore in FY23. The six-year-old company also reported a 70% reduction in losses, bringing them down to Rs 270 crore in the last fiscal year.

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Exclusive: Servify raises $10 Mn in debt and equity

EntrackrEntrackr · 10m ago
Exclusive: Servify raises $10 Mn in debt and equity
Medial

Post-sales service firm Servify has raised Rs 84 crore ($10 million approximately) in a fresh tranche of a Series D round from Bajaj Holdings, Trifecta, and Innoven Capital in a mix of equity and debt. The board at Servify has passed a special resolution to issue 500 non-convertible debentures and 1,16,555 compulsorily convertible preference shares (CCPS) for a total consideration of Rs 84 crore or $10 million, as per its regulatory filings with the Registrar of Companies (RoC). Bajaj Holdings invested Rs 34 crore through equity, while Trifecta and Innoven Capital contributed the remaining amount equally through debt financing. According to TheKredible estimates, the company has been valued at around Rs 7,074 crore or $852 million post-allotment. Servify offers brand-authorized after-sales support for mobile phones, personal gadgets, electronics, and home appliances. The platform allows consumers to add their household electronic gadgets onto the platform, store the bills, and access authentic brand-authorized service during or beyond the warranty period. The Mumbai-based company has raised around $125 million to date including $65 million in the ongoing Series D round led by Singularity Growth Opportunity Fund in 2022. According to the startup data intelligence platform TheKredible, prior to this tranche, Iron Pillor was the largest external stakeholder with 28.8% followed by Beenext and Blume Ventures which command 9.87% and 8.20% respectively in the company. See TheKredible for the complete shareholding pattern. The device management firm showcased a robust financial standing with over 95% year-on-year growth to Rs 611 crore during the fiscal year ending March 2023. However, the firm’s net losses stood at Rs 229 crore in the same period. The company is yet to file its annual results for FY24.

BharatPe to offer two-wheeler loans and loans against mutual funds for merchants

EntrackrEntrackr · 10m ago
BharatPe to offer two-wheeler loans and loans against mutual funds for merchants
Medial

Fintech unicorn BharatPe has announced its foray into facilitation of secured loans for merchant partners on its platform. The company has launched facilitation of two-wheeler loans and loans against mutual funds (LAMF) for its existing merchant partners in the first phase. BharatPe has partnered with OTO Capital, a digital commerce and lending platform, for enabling two-wheeler loans while it has tied up with Volt Money to facilitate Loans Against Mutual Funds to its merchant partners. According to BharatPe, its merchants can now avail two-wheeler loans of up to Rs 2.5 lakh at competitive interest rates for a repayment period between 12- 48 months. With the launch of loans against mutual funds, these merchants can also avail loans of up to Rs 1 crore. The firm added that the loan disbursal and collections will be taken care of by the partner at their end. The Peak XV and Tiger Global-backed company is set to expand its offerings over the next three months, introducing a diverse range of products and lenders to meet the needs of merchants. Recently BharatPe invested around $8-9 million in its non banking financial (NBFC) arm Trillion Loans and increased its stake in the Mumbai-based firm to nearly 60%. Entrackr exclusively reported the development. It also raised Rs $10 million in debt through non-convertible debentures from Trifecta Venture and InnoVen Capital.

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