Young Startup Bhara TPE Raises USD 75 Million In Series
The series C round was led by New York headquartered hedge fund coatue Management and also its existing investor Ribbit Capital. The Series C round was participated by the existing funders VC firm Amplo, Steadview Capital, Insight Partners and they funded $400 million for the company and raised the company to
BharatPe helps the offline merchants to accept digital payments by providing them QR codes built by the government backed UPI payments Infrastructure. The merchants also get the access to track down any customers who owe them money.
BharatPe allows the merchants to get short term loans. The company has provided over 20,000 merchants with loans in seven months. The company also has the policy of lending $500 loan to new merchants for a period of three months. The company has expanded its business in 30 Indian cities and aims to double the number by 2021.
According to World Bank more than 2 billion people do not have the access to working capital so BharatPe focuses more on money lending business so that the merchants can get access to working capital and so the relation between the suppliers and merchants remain in Sync.
The co-founder of the company Ashneer also said that he will be using the fund to add more merchants in the next few months or year.