Merchant focused QR code-based payments firm BharatPe had recently announced its $108 million worth Series D round led by Coatue Management. While the company had not disclosed many details of the deal, Fintrackr has decoded some numbers via its regulatory filings.
BharatPe has passed a special resolution to issue 4,356 Series D Preference shares at an issue price of Rs 15,08,500 per share to raise Rs 657.10 crore or $90 million. New York-based Coatue had led the round with a Rs 438 crore ($60 million) investment followed by Ribbit Capital and Grace Software which pumped in Rs 75 crore ($10.2 million) and Rs 72.4 crore ($10 million)respectively.
The Series D round also saw participation from Steadview, Amplo and Beenext with Rs 34.24 crore ($4.6 million), Rs 19.31 crore ($2.64 million) and Rs 18.25 crore ($2.5 million) investment respectively.
It’s worth noting that the Ashneer Grover-led company had added $18 million in the Series D round through secondary funding in which it had given exit to its angel investors and early employees. Post allotment of Series D round, the promoters’ holdings in the company has been reduced from 21.78% to 18.78%.
According to Fintrackr’s estimates, BharatPe has reached a valuation of $922 million, a 125% jump as compared to $410 million it was valued exactly a year ago during its $75 million Series C round in February of 2020.
With $268 million already raised across equity and debt funding rounds since its inception, BharatPe has been planning to raise $500-$700 million in debt and $100 million in equity for the next two years and an additional $100 million equity to ramp up its credit offerings. Last month, the company announced that it had raised Rs 249 crore in debt from Alteria Capital, InnoVen Capital, Trifecta Capital and ICICI Bank.
Currently, BharatPe facilitates over Rs 200 crore of loans to its merchant partners every month through its NBFC partners. The fintech company has also forayed into PoS business and has deployed more than 50,000 PoS machines in the market and claims to enable transactions of more than Rs 900 crore per month.