Insta
BharatPe Close To $1 Billion Valuation After Raising $108 Million In Fresh Funding Round
Swarajya Staff
Feb 11, 2021, 11:00 AM | Updated 11:00 AM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Digital payments startup BharatPe has touched a valuation of $900 million with new funding of close to $108 million led by existing investor New York-headquartered hedge fund Coatue Management, reports Hindustan Times.
With this, BharatPe has further inched closer to achieving Unicorn status. Unicorn is a term used in the venture capital industry to describe a startup company with a valuation of over $1 billion.
BharatPe’s investors including Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital have participated in this Series D funding round.
While the primary infusion constituted $90 million, secondary funding constitutes $18 million.
The three-year old company BharatPe has seen its valuation increase by almost $500 million since its Series C funding round in February 2020 when it raised $75 million.
It is reported also that BharatPe aims to raise another $100 million post March, as it looks to ramp up its credit offerings.
“The Series D round got oversubscribed within the last two weeks of December 2020. We will continue to focus on our plans with this fund-raise, and continue deepening the credit ecosystem for our merchants. We are clear that we want to stay aligned with categories in financial services that will provide us margins, contributing to our growth,” said Ashneer Grover, co-founder and chief executive officer, BharatPe.
BharatPe processes over $7 billion in annualized total payment value on Unified Payments Interface, across six million merchants in 75 cities.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.