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.
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