FinTech: Indian Payments Startup BharatPe Earns Horn, Values At $2.85B
Bharatpe is also the only Indian startup to have achieved unicorn status within just three years of inception.
Bharatpe, the Indian payments startup, enables shop owners to accept payments from any payment app for free. It makes payment acceptance simple by offering merchants a single QR to accept all payment apps such as PayTm, PhonePe, Google Pay, BHIM and 150+ other UPI apps. It announced a raise of $370 million in a Series E round led by Tiger Global Management and including participation by Dragoneer Investment Group and Steadfast Capital. (Mint)
Merchants can sign up with BharatPe instantly and start accepting payments directly into their bank account. They have the flexibility to earn upto 12% interest on those payments and even take loans whenever they need. BharatPe serves more than 7 million merchants in over 130 Indian cities, and has disbursed approximately $300 million to merchant partners.
The heavily oversubscribed round valued the fintech at $2.85 billion post-money – a pole vault from the valuation of $900 million garnered in February this year when it raised $108 million. It has achieved unicorn status in just three years and was the nineteenth Indian startup to enter the unicorn club this year. The latest round also gave a $20 million opportunity to employees and angel investors to exit their holdings.
BharatPe will get its toe into banking services through its partnership with Centrum Financial Services. The JV was cleared by the Reserve Bank of India to takeover the distressed Punjab and Maharashtra Co-operative (PMC) Bank.
BharatPe now has a liquidity runway of $500 million comprising $350 million from the current raise and cash in the bank from its Series C and D rounds.
It will use the warchest to grow its existing businesses 10X in the next two years, and infuse capital into its banking foray.
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