BharatPe secures $108M at a $900M Valuation led by Coatue

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BharatPe, a digital lending and payments company, is getting closer to reaching unicorn status. India’s top merchant financial services provider, BharatPe, announced that it has raised US$ 108 million in a Series D equity round at a valuation of US$ 900 million. Further, the business also disclosed that it raised US$ 90 million in funding and secured a secondary exit for its workers and angel investors totalling US$ 18 million. Coatue Management, an existing investor in the business, took the lead in the financing. Further, all 7 of the existing institutional investors—Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo, and Sequoia Capital—were present during the round. The company has now raised a total of US$ 268 million in equity and debt, including this round.                         

It was one of the quickest rounds for an Indian startup to close. Oversubscription for the Series D round occurred in the final two weeks of December 2020. Moreover, all angel investors and ESOP holders were given the chance to liquidate by BharatPe after existing institutional investors expressed their desire to consolidate the cap table at the Series D transaction.                         

Ashneer Grover, former co-founder and managing director (MD) of the Indian fintech company BharatPe commented on this announcement, saying, “We, at BharatPe, do not celebrate fund raises – it is equivalent to acquiring raw material. The fact that we gave back 125 crores of INR to angel investors and other ESOP holders, giving them one of the greatest returns on investment, makes us extremely happy. The group is dedicated to increasing profits for all parties involved, including banks, employees, lenders, and borrowers. Also, with the balance sheet adequately capitalized (more than US$ 200M in the bank), we will now focus on delivering US$ 30 billion in total projected value (TPV) and creating a US$ 700 million loan book with small businesses by March 2023.”

Through its NBFC partners, BharatPe, one of the biggest B2B fintech lenders, facilitates approximately Rs. 200 crores in loans to its merchant partners each month. Moreover, it has been outpacing the payments industry market. BharatPe overcame GooglePay in November 2020 to claim third place in the UPI P2M category. Further, BharatPe has installed more than 50,000 point-of-sale systems and allows for more than Rs. 900 crores in monthly transactions on such systems. Also, the business has been aggressively expanding and is now present in 75 locations across the nation.

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