BharatPe has raised $370 million in a Series E round, led by Tiger Global along with new investors Dragoneer Investment Group and Steadfast Capital. This puts the valuation of the payments firm at $2.85 billion.

Five of the seven existing institutional investors — Coatue Management, Insight Partners, Sequoia Growth, Ribbit Capital and Amplo — too participated in the round. The primary component of the round is $350 million and secondary component $20 million. All employees holding vested ESOPs have been given full liquidity.

BharatPe to spread PoS business to 80 cities

“BharatPe is now amongst the Top 5 most valued fintech startups in India and has one of the strongest cap tables for any start-up in the country,” said a press statement.

Ashneer Grover, Co-Founder and CEO, BharatPe, will be elevated to Co-Founder and Managing Director and will lead strategy, product, technology, capital (IPO, equity and debt) and drive the overall people agenda for the company. “We now have $0.5 billion cash on books and are extremely well capitalised to deliver on our mandate to build India’s first truly Digital Bank,” Grover said on the fund raise. Suhail Sameer, Group President, has been appointed the CEO. “We will be able to scale the business 10x from here. We have the team, capital, technology, brand, product, market and regulatory regime to create an immensely valuable business. The ball is in our court,” Sameer said.

The merchant-focussed fintech plans to triple its point of sale (PoS) business, BharatSwipe, and is targeting $6 billion in annualised transaction processed value (TPV) by the end of this fiscal year.

“We will be expanding our reach in the PoS business to 80 cities and deploy three lakh machines by the end of 2021-22. Additionally, we are exploring strategic partnerships with banks, financial institutions and brands with the objective of enhancing customer experience on our PoS devices,” Sameer had said in July.

BharatPe acquires PAYBACK India

 

 

Related Topics
comment COMMENT NOW