New Delhi-based Fintech startup BharatPe on Thursday announced that it has raised $108 million in Series D equity round led by its existing investor Coatue Management. The round also saw participation from other six existing institutional investors which include Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital.
A month ago the startup announced that it had raised Rs. 200 crores (around $28 million) in debt from all three renowned venture debt providers – Alteria Capital, InnoVen Capital and Trifecta Capital. It raised Rs. 90 crores (around $12.3 million) from Alteria Capital, Rs. 60 crores (around $8.2 million) from InnoVen Capital, Rs. 50 crores (around $7 million) from Trifecta Capital, and another Rs. 49 crores (around $7 million) from ICICI Bank.
The recent funding puts the startup at $900 million (approx Rs 6,552 crore) in valuation and its to-date raise reaches $233 million and $35 million in equity and debt respectively.
“We, at BharatPe, do not celebrate fundraises – it is akin to procuring raw material. 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. The team is committed to make money for all stakeholders – investors, lenders, borrowers, employees and banks,” said Ashneer Grover, Co-Founder and CEO of BharatPe.
“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 a one-stop destination for small merchants,” he added.
BharatPe allows offline merchants to accept UPI based payments directly into their bank account for free via Bharat QR. It offers a single QR code to accept payment from all major payment apps such as PayTm, PhonePe, Google Pay and BHIM.