BharatPe Raises $14M Debt as Potential FY27 IPO Nears

Nalin Negi, BharatPe CEO

BharatPe has secured $14 million (₹135 crore) in venture debt, continuing its capital stack restructuring ahead of a potential FY27 IPO.

The round was led by InnoVen Capital (₹80 crore), alongside Neo Group (₹40 crore) and Alteria Capital (₹15 crore). This follows a $10 million raise in March 2026, pushing its 2026 debt intake to $24 million.

Concurrently, the fintech is consolidating its online and physical payment aggregator (PA) licenses into its parent entity, Resilient Innovations, complying with the RBI's September 2025 Master Direction.

Why has BharatPe raised US$14 million in fresh debt?

Tiger Global-backed fintech BharatPe has raised approximately $14 million (₹135 crore) through non-convertible debentures (NCDs), adding another layer of financing as the company prepares for a potential public listing.

According to regulatory filings with India's Registrar of Companies, BharatPe's board allotted 13,500 NCDs at a face value of ₹1 lakh each.

The round was led by InnoVen Capital, with participation from Neo Group and Alteria Capital.

Investor	Investment	Share of Round
InnoVen Capital	₹80 crore	59.3%
Neo Group	₹40 crore	29.6%
Alteria Capital	₹15 crore	11.1%
Total	₹135 crore	100%

The latest financing follows a US$10 million debt round in March 2026, which was led by RevX Capital with participation from Arvesta Financial Services and Neo Prime Fund.

Taken together, the two 2026 debt raises amount to US$24 million (₹225 crore), underscoring BharatPe's continued use of debt financing as it works toward profitability and a potential IPO.

What does BharatPe's payment aggregator restructuring mean?

Alongside the fundraising, BharatPe is consolidating its payment aggregator (PA) operations.

Shareholders have approved the merger of Resilient Payments Private Limited into Resilient Innovations Private Limited, BharatPe's parent entity. Resilient Payments received its online PA authorisation from the Reserve Bank of India (RBI) in April 2026, while Resilient Innovations currently operates BharatPe's physical payment aggregation business.

Following the merger, Resilient Innovations is expected to handle both online and physical payment aggregation through one entity.

The restructuring follows the RBI's Master Direction on Regulation of Payment Aggregators dated September 15, 2025, which consolidated the regulatory framework for different PA categories.

For BharatPe, the restructuring brings several activities under one operating structure:

• Online payment aggregation following its 2026 RBI authorisation
• Physical payment aggregation through merchant-facing QR and PoS infrastructure
• A consolidated PA business within Resilient Innovations
• A regulatory structure aligned with the RBI's 2025 PA framework

BharatPe's existing merchant network gives the consolidation strategic relevance. In FY25, the company reported that offline UPI transactions grew 26% year-on-year, while its operating revenue reached ₹1,667 crore, up 16.9% from ₹1,426 crore in FY24.

How close is BharatPe to an IPO?

BharatPe has not announced a definitive IPO date, but its recent financing and corporate restructuring come against a longer-term public-market strategy.

CEO Nalin Negi said in August 2025 that the company planned to raise capital before an IPO and would pursue a listing when market conditions were appropriate. At the time, he said an IPO was not planned for FY26.

Reports in 2025 and 2026 indicated that BharatPe had begun discussions with investment bankers regarding a potential IPO and could move toward filing IPO documentation in FY27.

The company's improving financial profile is also an important part of that preparation.

In FY25, BharatPe reported:

• ₹6 crore adjusted profit before tax, compared with a ₹342 crore loss in FY24
• ₹141 crore adjusted EBITDA, versus a ₹209 crore loss in FY24
• ₹1,667 crore operating revenue, up 16.9% year-on-year
• 26% growth in offline UPI transactions

Negi has indicated that profitability remains a priority before the company enters the public markets.

The latest ₹135 crore debt round therefore sits within a broader sequence: additional financing → business consolidation → profitability focus → potential pre-IPO funding → eventual public listing.

Is BharatPe part of a wider Indian fintech IPO pipeline?

BharatPe's preparations come as several large Indian fintech companies move toward the public markets.

Razorpay received shareholder approval in May 2026 to raise up to ₹2,700 crore ($283 million) through the fresh-issue component of its proposed IPO. The company also plans a pre-IPO placement, while the final offering could include an offer-for-sale component.

PhonePe is another major fintech preparing for the public markets. Its IPO plans were postponed amid market volatility earlier in 2026, while the company has since continued its international expansion. In September 2026, PhonePe received in-principle approval from the UAE Central Bank for two financial licences covering areas including retail payments and stored-value facilities.

This creates a broader backdrop for BharatPe's preparations: Indian fintechs that have spent years scaling payment networks, financial services and merchant ecosystems are increasingly working toward public-market readiness.

How could the new UPI MDR regime affect BharatPe and other payment companies?

The economics of India's digital payments market are also changing.

From October 15, 2026, a 0.4% Merchant Discount Rate (MDR) will apply to eligible UPI person-to-merchant transactions above ₹2,000, according to the new framework reported following the National Payments Corporation of India's (NPCI) decision. Transactions above ₹75,000 will have the MDR capped at ₹300, while merchants collecting up to ₹1 lakh per month through UPI QR codes are exempt.

The change matters because BharatPe is deeply exposed to merchant payments and UPI infrastructure.

Reuters reported that transactions above ₹2,000 represent only around 4% of UPI transactions but 67% of transaction value, making the higher-value merchant segment particularly relevant to the new fee framework.

The revenue opportunity could also reshape the economics of India's payment ecosystem. Reuters reported that the two largest UPI platforms, PhonePe and Google Pay, together account for around 80% of UPI transaction volume, highlighting the scale of the market in which BharatPe competes.

Earlier Bernstein estimates cited in the draft projected that a 40-basis-point MDR could create an industry revenue pool of approximately ₹22,000 crore by FY28, including an estimated ₹14,000 crore for banks and roughly ₹7,000 crore for third-party payment providers.

The precise distribution of this pool will depend on the implementation of the new MDR framework and how transaction economics are allocated across banks, payment apps and other ecosystem participants.

What does BharatPe's latest funding signal ahead of a potential IPO?

BharatPe's ₹135 crore debt raise is not itself an IPO announcement. Instead, it adds financing at a point when the company is simultaneously consolidating its PA operations, building on its FY25 return to adjusted profitability, and positioning the business for a potential public-market transaction in FY27 or later.

The sequence of developments is notable:

1. ₹135 crore debt raised in September 2026, led by InnoVen Capital.
2. ₹90 crore debt raised in March 2026, led by RevX Capital.
3. ₹6 crore adjusted PBT achieved in FY25, reversing a ₹342 crore loss.
4. Online PA authorisation received from RBI in April 2026.
5. Online and physical PA businesses being consolidated under Resilient Innovations.
6. Potential pre-IPO financing and FY27 IPO preparations remain part of BharatPe's longer-term strategy.

For BharatPe, the immediate focus is therefore broader than simply raising capital. The company is building a more consolidated payments structure while strengthening the financial profile it would need if and when it proceeds with a public listing.