BharatPe, which is a digital payments firm that provides offline services to both the businesses and retailers has now secured $15.5 Million in the funding round of Series A.
Some of the existing investors Insight Partners and Sequoia Capital and Beenext participated in the round.
The startup said that it will now be going to use the fresh capital for scaling up its operations within the next two years.
“The funding will fuel our mission of democratizing digital payments for merchants, and make UPI a preferred way to pay,” said Ashneer Grover, chief executive officer and co-founder of BharatPe. UPI, which stands for Unified Payments Interface, is a real-time mobile payments system for inter-bank transactions.
“Over the last few months, we have been able to transform payments for over 6,00,000 merchants in India. BharatPe facilitates 10% of overall UPI merchant transactions in the country and accounts for 1% of overall UPI,” Grover added.
The company had also previously secured $2 Million in the funding round of seed from Singapore based VC firm Beenext and Sequoia Capital India last October.