BharatPe is a New Delhi-based digital payments app for offline retailer and businesses that offers its services in the financial technology sector. Recently, the start-up has raised USD 108 million funding in its latest Series D funding round that was led by Coatue Management, a New-York based Hedge fund.
This latest funding has left the company at a valuation of USD 900 million which is very close to becoming USD 1 Billion, after which BharatPe will get the prestigious Unicorn status. However, this infusion of USD 180 million is a combined offering of the company’s primary and secondary equity fund as mentioned in a report by Live Mint.
The total funding received in the Series D round can be bifurcated into Primary and secondary with USD 90 million and USD 18 million, respectively. According to reports, BharatPe currently has seven investors including Beenext, Steadview Capital, Insight Partners, Sequoia Capital, Ribbit and Amplo, all of which are known to participate in the company’s latest funding round.
As per the company profile on Crunchbase, BharatPe has recently on January 6th, 2021 raised USD 2.5 billion in a debt financing round from Alteria Capital, Trifecta Capital advisors and InnoVen Capital. Prior to that, BharatPe bagged USD 75 million in its Series C round led by New York-based Coatue and Ribbit Capital.
Ashneer Grover, Chief Executive Officer and Co-founder, BharatPe says that the company’s Series D funding round got oversubscribed in the last few weeks of December 2020. He further added that BharatPe will continue to focus on their fundraise programs. The platform aims to continue strengthening their credit ecosystem for merchants. Grover added saying that the company has clear intentions to stay focused on their niche of financial services that will provide them margins, contributing to its growth, as mentioned in a report by Live Mint.
Reportedly, the future plan of the financial technology start-up consists of offering services in similar terminals. One such service is BharatSwipe. The start-up has also introduced BharatPe DtoR which is short for distribution and retail.
All in all, BharatPe is planning to expand its distribution and retail business in India and with the inclusion of BharatSwipe, the start-up aims to record USD 1 .5 billion in annual TPV run rates, as mentioned by Live Mint.
Furthermore, BharatPe aims to scale its products in across 100 cities by the end of Financial Year 2023.