BharatPe, a New Delhi-based Merchant focused QR code-based payments firm, has raised Rs 200 crore in debt from ICICI Bank, Innoven Capital and Alteria Capital.

Started by Ashneer Grover and Shashvat Nakrani in 2018, BharatPe serves over 50 lakh merchants across 35 cities.

Working with a vision to make financial inclusion a reality for Indian merchants, BharatPe launched India’s first UPI interoperable QR code, first ZERO MDR payment acceptance service, and first UPI payment backed merchant cash advance service.

Coming back to the news, the amount of debt funding is one of the largest by a growth stage fintech company in the recent past, and this is the first round of debt financing for BharatPe.

Also, the funding has come at a time when the fintech firm put a joint bid with Centrum Group to acquire the scam-hit lender Punjab and Maharashtra Cooperative Bank.

The amount of debt funding in this round shows that investors are positive about the company’s future.

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