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BharatPe raises Rs 786 cr in Series D at Rs 6,552 cr valuation

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New Delhi, Feb 11 (IANS) Fintech services company BharatPe on Thursday announced its has raised $108 million (over Rs 786 crore) in Series D equity round, that puts the company at $900 million (approx Rs 6,552 crore) valuation.

The company has raised $90 million (over 655 crore) in primary fund raise, and ensured secondary exit for its angel investors and employees for a total amount of $18 million (nearly Rs 131 crore).

“We are super excited though to have returned Rs 125 crore of capital to angels and all ESOP holders, earning them one of the highest returns on investment,” said Ashneer Grover, Co-Founder and CEO, BharatPe.

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“With the balance sheet well capitalised (more than $200 million in bank), we are now going to keep our heads down and deliver $30 billion TPV and build a loan book of $ 700 million with small merchants by March 2023,” he added.

This funding round was led by existing investor Coatue Management and all seven existing institutional investors participated in the round.

With this round, the company has raised a total of $268 million in equity and debt till date.

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Grover said the company’s payments business has grown 5 times and its lending business has grown 10 times in the last 12 months.

Last month, the company announced that it had raised Rs. 249 crore in debt from Alteria Capital, InnoVen Capital, Trifecta Capital and ICICI Bank.

BharatPe is currently facilitating over Rs 200 crore of loans to its merchant partners every month through its NBFC partners.

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In November 2020, BharatPe toppled GooglePay to take No 3 position in the UPI P2M category.

Earlier this month, BharatPe appointed Gautam Kaushik as its second Group President in the company.

–IANS

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