BharatPe, the fintech firm, has closed a $370 million funding round at a valuation of $2.85 billion. The current financing event has helped the fintech startup is joining the unicorn club. BharatPe is the nineteenth Indian startup that has become a unicorn in 2021.
BharatPe Valuation Reached $2.85 Billion
BharatPe provides financial services to merchants. In a recent development, the fintech firm has closed a financing round of $370 million led by Tiger Global, a New York-based investment company. The current round not only helped the startup to join the unicorn club, but its valuation also skyrocketed to $2.85 billion.
BharatPe is looking to scale up its operation from the current funding in the coming two years. The Indian startup ecosystem is showing tremendous growth in the current year. Nineteen startups already achieved unicorn status within seven months of 2021 compared to eleven unicorns of 2020. It is due to the double investment by several high-profile global investors double in the South Asian market.
Other than Tiger Global, BharatPe’s Series E round also saw active participation from Dragoneer Investor Group and Steadfast Capital, as informed by BharatPe on Tuesday late evening. The fintech firm has raised $580 million to date.
In the Series D round, BharatPe was valued at around $900 million in February 2021. While fintech startup’s valuation was approximately $425 million in 2020.
About BharatPe and its Growth
BharatPe, co-founder Ashneer Grover, offers many financial services to help offline business firms in according payments digitally from their clients. Even as India has already emerged as the second-largest internet market, with more than 650 million users, much of the country remains offline.
BharatPe provides QR Code services to the merchants running small businesses such as roadside tea stalls and neighborhood stores. Paytm, PhonePe, Google Pay, and WhatsApp Pay are the major competitors of BharatPe.
Currently, BharatPe serves over 7 million businesses from 130 Indian cities and towns. The startup, which serves more than 7 million merchants in over 130 Indian cities. The startup doesn’t charge anything from merchants for QR code facilities. The startup is looking to earn money by lending.
Recently, BharatPe has collaborated with Centrum Financial Services and plans to expand its product offerings. The startup got a license from the Reserve Bank of India to run a small bank. Centrum and BharatPe will be equal partners in the bank.