BharatPe In Talks To Raise $350 Million And Enter Into The Unicorn Club
- ByAyushi Ray | July 29, 2021
It’s been raining investments and funding for Indian Startups, and many are including the unicorn club like Grofers and Droom. Now BharatPe is in talks to raise $350 million, with New York-based Tiger Global Management LLC set to spearhead a likely investment into the fintech startup. This will take BharatPe’s valuation to $2 billion. Tiger Global is expected to invest between $200 million and $250 million in the new round of funding in the startup. Existing investors Coatue Management and Ribbit Capital will also participate in the round, along with new ones like Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital, the person said. BharatPe had in February raised close to $108 million in Series D primary and secondary equity funding led by existing investor New York-based hedge fund Coatue Management at a valuation of $900 million.
BharatPe is in advanced talks with the investors for the latest fundraise, which will be utilized in taking over distressed Punjab and Maharashtra Cooperative. In a recent interview, BharatPe co-founder Ashneer Grover said the company, along with Centrum Group, will collectively infuse $250-300 million (or up to ₹2,224 crore) in PMC Bank over the next two years. BharatPE works to empower shop owners to accept payments from any payment app free of charge. Merchants can sign up instantly and start accepting payments directly into their bank account and have the flexibility to earn upto 12% interest on those payments and even take loans whenever they need. BharatPe 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. They have made payments acceptance absolutely free for all businesses with no transaction charges at all. We aspire to be the one-stop business utility app for offline merchants in India.
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