QR code-based payment app BharatPe is all set to raise $17 million in its Series A round led by Sequoia Capital.
Citing sources, an ET report said that the latest fundraise will push the valuation of the Delhi-based startup in the range of $60-65 million.
Entrackr queries to BharatPe founder did not elicit an immediate response.
However, according to our sources, the company is eyeing to raise $25 million. While it got a commitment of about $17 million, the company is looking for $8 million more. Besides Sequoia, its also in talks with a valley based unknown investor along with one of the backers of Alibaba.
Although the company is backed by the likes of Sequoia Capital India and BeeNext, this is a quantum leap for the startup that will complete its one year of incorporation in April.
The aforementioned investors along with American Express top executive Sanjay Rishi, PayU co-founder Nitin Gupta, and PineLabs CTO Nipun Mehra, ex Paytm VP Amit Lakhotia, Hero group Akshay Munjal had put in $2 million seed fund in October last year.
Launched by former Grofers CTO Ashneer Grover and Shashvat Nakrani, BharatPe is a merchant-focused payment app that runs on UPI’s own QR codes to enable instant payments settlement.
The startup offers a single interface for all UPI apps such as Paytm, PhonePe, Google Pay, BHIM, Mobikwik, Freecharge, True Caller and others to credit directly to the merchant’s bank account.
With more than 200,000 merchant base, BharatPe claims to have processed over 700,000 transactions valued at over Rs 150 crore.
BharatPe works closely with partner banks to develop custom APIs to deliver a user-friendly product for the merchants.
In the future, BharatPe is looking to monetise through merchants on the platform by lending to them as a certain portion of their business. Besides, it will also get into B2B commerce as a marketplace rather than an inventory-led model.
On the competition front, BharatPe will have to go a long way where Paytm and PhonePe leading the race. Going forward interoperable QR Code payment feature will be the key to grow transaction and merchant base.
The Alibaba-backed company has already piloted white-labelled interoperable UPI QR Code for merchants in Bengaluru and Hyderabad.
Disclaimer: The article and headline has been updated after getting inputs from our sources.
