BharatPe secures USD 108 million funds, moves closer to unicorn status
Category: #technology  By Pranali Mehta  Date: 2021-02-12
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BharatPe secures USD 108 million funds, moves closer to unicorn status
  • The fintech company has moved closer to the unicorn status.
  • BharatPe intends to secure an additional USD 100 million in the upcoming months. 

Indian fintech startup BharatPe has reportedly secured USD 108 million through a Series D funding round which was led by New York-based investment firm Coatue Management.

The recently conducted funding round also involved six other participants such as Sequoia Capital, Amplo, Beenext, Steadview Capital, Insight Partners, and Ribbit Capital, cited sources aware of the development.

The fresh investments have allowed the BharatPe to reach a valuation of USD 900 million, moving the fintech company significantly closer to unicorn status.

BharatPe had previously raised USD 75 million in February in a Series C funding round. Moreover, the Delhi-based alternate lending firm also intends to secure an additional USD 100 million in the upcoming months.

Co-founder and CEO of BharatPe Ashneer Grover was reported saying that the Series D funding round was oversubscribed during the last two weeks of December last year. He added that the company will continue to focus on expanding the credit ecosystem for wholesalers and traders.

BharatPe intends to remain aligned with categories in financial services that will offer lucrative opportunities and margins, the CEO added.

BharatPe had previously announced to have surpassed Google Pay to become the third-largest player in the Merchant UPI payment business space. The company then claimed that it had accounted for approximately 5% market share by transaction value as well as 7% market share by volume.

Some experts keeping track of the company stated that the volume of transactions conducted by BharatPe in November 2020 was greater than the transaction volume of MPL, IRCTC, CashFree, FlipKart, CRED, Swiggy, Zomato, and Jio combined.

Source Credits –

https://www.moneycontrol.com/news/business/bharatpe-moves-closer-to-unicorn-tag-raises-108-million-in-series-d-funding-6490151.html

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Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

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