News Update

BharatPe Joins Unicorn Club, As Valuation Triples

• ByAyushi Ray     |    August 4, 2021

Merchant payment and financial service provider BharatPe joins unicorn club, as valuation triples. It has been successful in raising $370 million in a primary and secondary mix, as a part of a Series E funding round led by New York-based Tiger Global Management. Dragoneer Investor Group and Steadfast Capital also participated in the funding round. With this acquired funding BharatPe enters into the elite unicorn club, with its valuation rising more than threefold to $2.85 billion in six months. The company had raised $108 million in February this year at a valuation of $900 million. The current fundraise saw new investor Tiger Global infuse $100 million in the startup, with Dragoneer and Steadfast investing $25 million each, as a part of this round.  Sequoia Capital, Insight Partners, Coatue Management, Amplo and Ribbit Capital, which are the existing investors of the startup, invested a combined $200 million in the company in this funding series. 

Suhail Sameer, previously the e group president, is now the chief executive officer (CEO) and will be responsible for driving the company’s monetization, lending and recent banking foray. He will also join BharatPe’s board of directors. BharatPe co-founder Ashneer Grover will assume the role of managing director at the company and will continue driving its strategy, technology and product functions, as well as managing capital fundraising. “Our initial plan was to raise $250 million. However, the round was heavily oversubscribed. We believe that the $350 million primary raise will give us enough runway for the next three years, after which we may look at listing in the public markets. We still have cash in the bank from our Series C and D rounds and an overall liquidity runway of $500 million, which will keep us in good stead for future growth,” said Grover in an interaction with Mint on Tuesday.

 

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