One of India’s leading fintech companies dealing in UPI payments and digital money, BharatPe, has raised another US $108 Million in a Series D equity round.
In series D round, New York-based Coatue pumped US $60 Million, Ribbit Capital US $10.2 Million, Grace Software US $10 Million, Steadview US $4.6 Million, Amplo US $2.64 Million and Beenext US $2.5 Million invested, respectively.
And rest US $18 Million investment was ensured by the secondary exit for its angel investors and employees.
This was one of the fastest round closures for any start-up in India. In which BharatPe gave the opportunity to all angels and ESOP holders to liquidate.
After this round of funding, BharatPe reached a valuation of US $922 Million, a 124.27% hike as compared to US $410 it was valued a year ago during its US $75 million Series C Round funding in February 2020.
In January 2021, the company announced that it had raised Rs. 249 crores in debt from its venture debt providers. In this session BharatPe raised Rs. 90 crores from Alteria Capital Advisors, Rs. 60 crores from InnoVen Capital, Rs. 50 crores in debt from Trifecta Capital, and Rs. 49 crores from ICICI Bank.
The company has raised a total of US $ 268 million in Equity and Debt to date.
As per Ashneer Grover, Co-Founder, and CEO BharatPe, “2020 has been an unprecedented year for all. However, we at BharatPe have grown exponentially – our payments business has grown 5x, and our lending business has grown 10x in the last 12 months. This growth reiterates the trust that the small merchants and Kirana store owners have shown in us. This is just the beginning of our journey, and we are committed to building India’s largest B2B financial services company that can serve as a one-stop destination for small merchants. For BharatPe, merchants will always be at the core of everything we build.”
BharatPe has deployed 50,000+ PoS machines and enables transactions of more than Rs. 900 crores per month on PoS machines. Company expedites Rs. 200+ crores of loans to its merchant partners every month through its NBFC Associates. In November 2020, BharatPe pinnacle the ranking in the UPI P2M category and leave other competitors behind. Also, the company has been on an expansion phase and currently has a presence in 75 cities in the country.