BharatPe secures Rs 85 Cr in debt from Trifecta, InnoVen

Fintech unicorn BharatPe has raised Rs 85 crore ($1.02 million) in debt through non-convertible debentures from Trifecta Venture and InnoVen Capital.

The investment came from Trifecta Venture Debt Fund — II, which invested Rs 50 crore, and InnoVen Capital India Fund, which invested Rs 35 crore, according to a regulatory filing with the Registrar of Companies.

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.

BharatPe completed a $100-million debt round earlier this year, according to a report by Entracker. Initially, InnoVen Capital was expected to invest $60 million to $70 million in BharatPe, with Credit Saison providing the remaining funds to the company's NBFC arm, Trillion Loans, the report said.

The debt from InnoVen Capital might be part of this overall sum. YourStory could not confirm this at the time of publishing this news.

BharatPe opted for debt financing to avoid equity dilution as it approaches break-even, the report said.

The fintech startup had last raised raised $370 million, in August 2021, in a Series E round led by Tiger Global, at a valuation of $2.85 billion, thus joining the unicorn club.

In FY23, BharatPe narrowed its losses by around 83% to Rs 941 crore in FY22-23 compared to Rs 5,615 crore a year ago. The startup's revenue from operations surged over 125% to Rs 1,028 crore in FY23, up from Rs 456 crore in FY22.