BharatPe’s valuation crosses $900 Mn after $108 Mn Series D round

Merchant focused QR code-based payments firm BharatPe has raised $108 million in its Series D round led by Coatue Management with participation from existing backers include Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital.

The fresh round brings the total equity and debt funding in the three-year-old company to $268 million including $75 million Series C round in February 2020, $50 million Series B round in August 2019 and $15.5 million Series A round in March 2019.

According to the Ashneer Grover-led company, it has achieved the post valuation milestone of $900 million following Series D round which saw $90 million in primary and $18 million secondary funding.

The company has also given a secondary exit to its angel investors and employees for a total amount of $18 million. 

“..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,” said Grover, co-founder and CEO of BharatPe in a press statement.

The fresh capital infusion has come at a time when BharatPe is in the market to raise around $500-$700 million in debt for the next two years. Last month, the company also announced that it had raised Rs 249 crore debt fund from Alteria Capital, InnoVen Capital, Trifecta Capital and ICICI Bank.

Meanwhile, BharatPe had put a joint bid with Centrum Group to acquire the scam-hit lender Punjab and Maharashtra Cooperative Bank.

With a presence in 75 cities in the country, the fintech company claims to have facilitated over Rs 200 crore of loans to its merchant partners every month through its NBFC partners. In November 2020, BharatPe toppled GooglePay to take the number 3 spot in the UPI peer-to-merchant or P2M category. Additionally, BharatPe has deployed more than 50,000 PoS machines and enables transactions of more than Rs 900 crore per month through its PoS machines.