Fintech Startup BharatPe Bags US$108M at a Valuation of US$900M

BharatPe

BharatPe aims to reach US$30 billion in total payment volume and facilitate loan of $700 million by March 2023

Indian fintech startup BharatPe has raised US$108 million in a Series D round of funding, led by Coatue Management, the startup announced in a press release yesterday.

Existing investors Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo, and Sequoia Capital also participated in the round, the statement said. It added that as part of the new funding round, BharatPe returned $18 million to ensure secondary exit for its angel investors and employees with stock options.

The startup had previously raised $75 million in its Series C round a little over a year ago. Last month, the startup had raised $35 million in debt from Alteria Capital, InnoVen Capital, and Trifecta Capital. The current financing round valued BharatPe at $900 million and brought its total funding to $268 million, the statement noted.

Founded in 2018, New Delhi-based BharatPe enables offline merchants to accept online payments and offers them loans to meet working capital needs. With BharatPe, small businesses can accept payments using quick response (QR) codes and point-of-sale (PoS) machines that support the government-backed Unified Payment Interface (UPI). Customers can scan the QR codes and pay for goods by entering their UPI pin that instantly transfers money from their account to the merchants’.

There are over 51 million small and medium enterprises in India, and nearly 68% of them operate offline. These offline merchants include businesses in different sectors from roadside tea and food stalls, and local grocery stores to the stationery and chicken or meat shops.

BharatPe enables these businesses to directly accept payments in their bank account from payment apps such as PayTM, PhonePe, Google Pay, BHIM, and over 150 other UPI apps. The startup does not charge merchants for accepting payments using its QR code. However, it aims to generate revenue through its lending business.

The startup currently serves over 6 million merchants across 75 cities in India. According to the press statement, BharatPe deployed over 50,000 PoS machines by November 2020 which facilitates transactions of over $123 million (INR900 crores) every month.

The startup’s B2B lending arm facilitates loans of over $27 million (INR200 crores) to its merchant partners every month, the statement noted. The startup has also been growing in the payments space and toppled Google Pay in November to become the third largest company in the merchant UPI payment acceptance. In the same month, the company had recorded transaction value of $479 million. The company’s annualized TPV (total payment volume) **stands at $7 billion.

According to BharatPe Co-founder and CEO Ashneer Grover, the startup’s payment business grew 5X while its lending business grew 10X in the last 12 months.

He added, “With the balance sheet well capitalized (more than $200 million in bank), we are now going to keep our heads down and deliver $30 billion in total payment volume and build a loan book of $700 million with small merchants by March 2023.”

Header image by Pixabay

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Exploring Top Language Learning Apps of 2024 (Other Than Duolingo!)

As we usher in the new year, many of us are armed with resolutions, and often, topping our bucket list is the ambition to learn a new language. Yet, here’s the twist in the tale—our journey of mastering a foreign tongue is often fraught with lost tracks and dwindling motivation. What if I told you there’s a smoother path? The solution lies in your pocket: simply download a language-learning app. These digital tutors not only nudge you to keep up with your daily lessons but also offer the flexibility to master a new dialect on the go, anytime, anywhere.

Eightfold AI Joins Department of Commerce Initiative for AI Safety

Eightfold AI, an AI-driven talent solution company, has announced its involvement in a Department of Commerce initiative aimed at fostering the development and deployment of trustworthy and secure artificial intelligence (AI). This initiative, under the auspices of the National Institute of Standards and Technology (NIST), introduces the U.S. AI Safety Institute Consortium (AISIC). The consortium aims to unite a diverse group of stakeholders, encompassing AI developers, users, academia, government and industry experts and civil society bodies to advance the mission of safe and reliable AI.

What Are Shadow Boards in the Workplace? Pros and Cons

In today’s rapidly evolving business landscape, companies are constantly seeking innovative ways to maintain a competitive edge. An intriguing development in this arena is the emergence of “shadow boards”—dynamic groups within organizations designed to complement the official board of directors by offering fresh perspectives on critical business strategies. This article explores the role of shadow boards in the modern workplace and highlights their benefits, challenges and how they are shaping future business practices.

Anthropologie and Pinterest Unveiled 2024 Bridal Trends at NYC Pop-Up Event

Anthropologie Weddings, a bridal collection from the global lifestyle brand Anthropologie, in collaboration with AnthroLiving and Terrain, debuted the Anthropologie Weddings x Pinterest Trend Pop-Up. This event, developed in partnership with Pinterest, was designed to bring emerging bridal trends, as identified by Pinterest Predicts, into tangible experiences. Offering inspiration and early access to trends, the pop-up showcased bridal designs, décor and lifestyle options that could be personalized for unique wedding visions.

Hello Group Introduces inSpaze: An Immersive Social App for Apple Vision Pro

Hello Group Inc., a prominent mobile social entertainment provider in China, introduces its immersive social application, inSpaze, an immersive social application exclusively for Apple Vision Pro users in the United States. This application, crafted for visionOS, leverages advanced technologies like 3Ds, Reality Converter and Reality Composer Pro, offering a unique spatial computing experience that connects users worldwide through Spatial Audio and 3D interactive content.