BharatPe Raises $108 Million in Series D Equity Round at Valuation of $900 Million
Financial services firm BharatPe, has raised $108 million in Series D equity round led by existing investor Coatue Management. The company has reached a valuation of $900 million. BharatPe’s existing institutional investors, namely Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital participated in the round.
The company has raised $90 million in primary fund raise and also ensured secondary exit for its angel investors and employees for a total amount of $18 million.
Speaking on this announcement, Ashneer Grover, Co-Founder & CEO, BharatPe, said “We, at BharatPe, do not celebrate fund raises – it is akin to procuring raw material. We are super excited though to have returned INR 125 crores of capital to angels and all ESOP holders, earning them one of the highest returns on investment. The team is committed to make money for all stakeholders – investors, lenders, borrowers, employees and banks. With the balance sheet well capitalized (more than US$ 200M in bank), we are now going to keep our heads down and deliver US$30B TPV and build a loan book of US$ 700mn with small merchants by March 2023.”
This was touted as the fastest round closures for any startup in India so far. The Series D round got oversubscribed within last 2 weeks of December 2020. In the Series D round, existing institutional investors showed their intent to consolidate the cap table and hence, BharatPe gave the opportunity to all angels and ESOP holders to liquidate.
Last month, BhratPe had raised $35 million in debt from Alteria Capital, InnoVen Capital and Trifecta Capital. With the current round, BharatPe has raised a total of $268 million in equity and debt till date.
Founded in 2018 BharatPe is a fintech platform for merchants. The company has developed a QR code-based payment app for offline retailers and businesses. the B2B platform has facilitated over Rs. 200 crores of loans to its merchant partners every month through its NBFC partners.
In November 2020, BharatPe toppled GooglePay to take No. 3 position in the UPI P2M category. Additionally, BharatPe has deployed more than 50,000 PoS machines and enables transactions of more than Rs. 900 crores/ month on our PoS machines. Also, the company has been on an expansion spree and currently has presence in 75 cities in the country.
Ashneer also said, “2020 has been an unprecedented year for all. However, we at BharatPe have grown exponentially - our payments business has grown 5x and our lending business has grown 10x in the last 12 months. This growth reiterates the trust that the small merchants and kirana store owners have showed in us. This is just the beginning of our journey and we are committed to build India’s largest B2B financial services company that can serve as one-stop destination for small merchants. For BharatPe, merchants will always be at the core of everything we build.”
The company has raised $90 million in primary fund raise and also ensured secondary exit for its angel investors and employees for a total amount of $18 million.
Speaking on this announcement, Ashneer Grover, Co-Founder & CEO, BharatPe, said “We, at BharatPe, do not celebrate fund raises – it is akin to procuring raw material. We are super excited though to have returned INR 125 crores of capital to angels and all ESOP holders, earning them one of the highest returns on investment. The team is committed to make money for all stakeholders – investors, lenders, borrowers, employees and banks. With the balance sheet well capitalized (more than US$ 200M in bank), we are now going to keep our heads down and deliver US$30B TPV and build a loan book of US$ 700mn with small merchants by March 2023.”
This was touted as the fastest round closures for any startup in India so far. The Series D round got oversubscribed within last 2 weeks of December 2020. In the Series D round, existing institutional investors showed their intent to consolidate the cap table and hence, BharatPe gave the opportunity to all angels and ESOP holders to liquidate.
Last month, BhratPe had raised $35 million in debt from Alteria Capital, InnoVen Capital and Trifecta Capital. With the current round, BharatPe has raised a total of $268 million in equity and debt till date.
Founded in 2018 BharatPe is a fintech platform for merchants. The company has developed a QR code-based payment app for offline retailers and businesses. the B2B platform has facilitated over Rs. 200 crores of loans to its merchant partners every month through its NBFC partners.
In November 2020, BharatPe toppled GooglePay to take No. 3 position in the UPI P2M category. Additionally, BharatPe has deployed more than 50,000 PoS machines and enables transactions of more than Rs. 900 crores/ month on our PoS machines. Also, the company has been on an expansion spree and currently has presence in 75 cities in the country.
Ashneer also said, “2020 has been an unprecedented year for all. However, we at BharatPe have grown exponentially - our payments business has grown 5x and our lending business has grown 10x in the last 12 months. This growth reiterates the trust that the small merchants and kirana store owners have showed in us. This is just the beginning of our journey and we are committed to build India’s largest B2B financial services company that can serve as one-stop destination for small merchants. For BharatPe, merchants will always be at the core of everything we build.”
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