BharatPe has raised $108 Mn in Series D funding round at a post-money valuation of $900 Mn. The funding round was led by the company’s existing investor Coatue Management, with the participation from other existing investors Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital.
The company has raised about $90 Mn of this funding through a primary share sale, while the rest was through a secondary share to provide an exit to angel investors as well as ESOP holders. BharatPe did not disclose which investors would be exiting the company. Overall, it has raised $268 Mn in equity and debt till date.
The company has claimed that the Series D round got oversubscribed within the last two weeks of December 2020, making it one of the fastest round closure for any startup in the Indian ecosystem. CEO Ashneer Grover claims the company has about $200 Mn in the bank, which will be used to deliver $30 Mn total payment volume (TPV) and build a loan book of $700 Mn with small merchants by 2023.
The development coincides with $35 Mn (INR 249 Cr) debt funding for the company raised from Alteria Capital, InnoVen Capital, Trifecta Capital and ICICI Bank. The company plans to raise debt funding up to $750 Mn in the next two years to facilitate its plans to go big on lending.
BharatPe is also in contention to take over scam-hit Punjab and Maharashtra Cooperative (PMC) Bank. It submitted a joint expression of interest (EoI) to the Reserve Bank of India (RBI) in collaboration with financial services firm Centrum Group. PMC is currently going through all the proposals it has received and has set a deadline of March 31, 2021 for the announcement.
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