Bharatpe raised $ 900 million in funding
India may soon have another unicorn from Fintech. On Thursday, BharatPe said it raised $108 million in a funding round valued at $900 million for the New Delhi-based financial services start-up, up from $425 million last year.
Coatue Management led the Series D round of the three-year-old start-up. The round also included six current institutional investors, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo, and Sequoia Capital, taking BharatPe’s cumulative increase to date to $233 million in equity and $35 million in debt.
The start-up said it returned $17.17 million to its angel investors and workers with stock options as part of the latest funding round.
Ashneer Grover, co-founder and chief executive of BharatPe, said, “With the balance sheet well capitalized (more than US$200 million in the bank), we are now going to keep our heads down and deliver US$30 billion TPV and build a US$700 million loan book with small merchants by March 2023.”
To support off-line merchants embrace digital payments and secure working capital, BharatPe operates an eponymous service. Even as India, with more than 600 million users, has already emerged as the second-largest internet market, most of the country remains offline.