BharatPe considers unicorn status with $ 250 million fundraiser from Tiger Global

Talks are at an advanced stage, which would give BharatPe a boost in valuation to $ 2.5 billion

In its previous round, BharatPe raised $ 108 million in a Series D funding round at a post-money valuation of $ 900 million.

BharatPe had acquired the PAYBACK loyalty and rewards platform earlier in June 2021

Delhi-based B2B fintech platform BharatPe is in talks with venture capital firm Tiger Global to raise a new $ 250 million Series E.

Talks are at an advanced stage, which would give BharatPe a boost in valuation to $ 2.5 billion, reported TechCrunch. However, the terms of the agreements have not yet been finalized.

During its previous funding cycle, BharatPe had raised $ 108 million in Series D funding round to a post-currency valuation of $ 900 million. Of that, roughly $ 90 million in funding came from a sale of primary stock, while the remainder came from secondary stock to provide an exit for angel investors as well as ESOP holders.

Overall, he has raised $ 268 million in equity and debt to date. The company’s list of renowned investors includes Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo, Sequoia Capital and Coatue Management

BharatPe previously claimed that its Series D cycle was oversubscribed in the last two weeks of December 2020, making it one of the fastest closing cycles for any startup in the Indian ecosystem.

CEO Ashneer Grover earlier told reporters that the company has around $ 200 million in the bank, which will be used to provide a total payment volume (TPV) of $ 30 million and build a loan portfolio of $ 700 million from small traders by 2023.

The company claims to have more than 60 lakhs of merchants on board in 100 cities and plans to have 10 million users on board by 2022. The company says it has already facilitated the disbursement of loans totaling more than 1 600 INR to its merchants since its launch.

BharatPe was founded in 2018 by Grover and Shashvat Nakrani. It is primarily a merchant-focused payment platform that offers a single interface for all existing UPI applications and other payment systems, and has recently expanded to lending and other industries. vertical.

The fintech startup had also raised $ 35 million (INR 249 Cr) in debt financing from Alteria Capital, InnoVen Capital, Capital of Trifecta and ICICI Bank on January 6. The company plans to raise debt financing of up to $ 750 million over the next two years to facilitate its big lending plans. As part of this plan, BharatPe is take control operations of the Punjab and Maharashtra Cooperative Bank (PMC).

The Reserve Bank of India (RBI) recently gave its approval in principle to the takeover of Money-strapped Punjab & Maharashtra Co-Operative Bank by BharatPe and Centrum Financial Services Limited, the non-bank financial company managed by the Centrum group.

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