BharatPe Places INR 1.25B Private NCDs With Neo Credit Alternatives Investment, Neo Wealth

Indian fintech and digital payment company Resilient Innovations Private Ltd, popularly known as BharatPe, has privately placed non-convertible debentures, or NCDs, totalling INR 1.25 billion ($14.8 million) with Neo Credit Alternatives Investment Trust and Neo Wealth Partners Private Ltd, documents filed by the company with the Ministry of Corporate Affairs, or MCA, show.

The New Delhi-based company allotted on Nov. 22 the two-year NCDs to Neo Income Plus Fund, a scheme of Neo Credit Alternatives Investment Trust, and Neo Wealth Partners, both entities of Indian asset management and financial advisory firm Neo Group, documents show. Proceeds are for general corporate activities or to fund the company’s growth and expansion plans, the MCA documents show. The NCDs pay a coupon of 14% per annum payable monthly, and an around 1% redemption premium is applicable, two sources close to the matter said.

BharatPe operates an application that allows merchants and users to pay and receive by using a single unified QR code through third party Unified Payments Interface applications or internet banking.

The board of Resilient Innovations, in its annual general meeting on Oct. 14, proposed to issue unlisted, unrated, redeemable NCDs aggregating to up to INR 9 billion, in one or more tranches on private placement basis during a period of one year, documents show.

Neo declined to comment. BharatPe could not immediately be reached for comment.