BharatPe raises Rs 135 crore debt funding from InnoVen Capital

Nabarun Chakraborty·Sep 21, 2026·3 min read

BharatPe raises Rs 135 crore debt funding from InnoVen Capital

Tiger Global-backed fintech startup BharatPe has raised Rs 135 crore (about $14 million) in debt funding ahead of a potential initial public offering (IPO).

The round was led by InnoVen Capital and also saw participation from Neo Group and Alteria Capital.

BharatPe’s board allotted 13,500 non-convertible debentures, with a face value of Rs 1 lakh each, to raise the aforementioned sum, according to its regulatory filings with the Registrar of Companies.

InnoVen led the round with an investment of Rs 80 crore. Neo Group invested Rs 40 crore through two of its alternative investment funds, while Alteria participated with Rs 15 crore.

This comes months after BharatPe secured Rs 90 crore in a debt funding round led by RevX Capital.

BharatPe is set to merge its payment aggregator businesses

Separately, BharatPe has also received shareholder approval to combine its payment aggregator (PA) online and PA physical businesses into a single entity.

As part of the restructuring, Resilient Payments Private Limited, which secured an online PA licence from the Reserve Bank of India last April, will be merged into Resilient Innovations Private Limited, BharatPe’s parent entity.

“In view of the Master Directions on Regulation of Payment Aggregators dated September 15, 2025, since both online and offline payment aggregation activities are regulated, it is intended to consolidate the PA business in the group into a single entity,” BharatPe said.

Post-merger, Resilient Innovations Pvt Ltd will undertake both online and physical PA activities. Currently, it only serves as an offline PA, facilitating merchants in accepting payments via UPI QR codes and point-of-sale (PoS) devices.

BharatPe IPO is in the offing

This comes at a time when BharatPe is preparing for a potential public listing. In September 2025, CNBC-TV18 reported that the company had started scheduling meetings with bankers for a possible IPO.

While the report was scant on details about the size of the IPO, the fintech major could file its IPO documents by the end of FY27.

According to CEO Nalin Negi, BharatPe is prioritising profitability and would go public when market conditions are favourable.

“There will be a pre-IPO funding round, while an IPO is not on the cards for FY26. Anything beyond that is a fair game, once the market conditions are right,” Negi was quoted as saying by PTI.

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A number of fintech startups are making a beeline for Dalal Street

PhonePe, which recently received a licence from the Central Bank of the UAE to launch operations in its first overseas market, filed its updated IPO prospectus with SEBI last year. In May, MediaNama exclusively reported that Razorpay received shareholder approval to raise over Rs 2,700 crore through its planned IPO.

While PhonePe earlier put its listing plans on the back burner amid the US-Iran war and ensuing market volatility, it is likely to restart its IPO process following the government’s decision to bring back the Merchant Discount Rate (MDR) on large UPI transactions, according to a Mint report. The company is now targeting a listing between February and March 2027.

Last week, the National Payments Corporation of India said businesses will have to pay 0.4% MDR on UPI person-to-merchant (P2M) transactions above Rs 2,000 from October 15, capped at Rs 300 for transfers of Rs 75,000 and more.

The new MDR regime exempts merchants receiving up to Rs 1 lakh a month through UPI QR codes.

According to Bernstein estimates, a 40-basis-point MDR on eligible UPI transactions could create an industry revenue pool of Rs 22,000 crore by FY28, with banks cornering the largest share at an estimated Rs 14,000 crore and third-party app providers (TPAPs) such as PhonePe, Google Pay, Paytm, BharatPe and MobiKwik capturing around Rs 7,000 crore.