Tag: equity round

BharatPe raises $370 million in series E

Banking & Finance

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BharatPe has raised $370 million funds in Series E equity round, led by Tiger Global and participation from new investors Dragoneer Investment Group and Steadfast Capital.

“Five out of the seven existing institutional investors participated in the round — namely Coatue Management, Insight Partners, Sequoia Growth, Ribbit Capital and Amplo,” it said in a statement on Wednesday.

The primary component of the round is $350 million, with secondary component of $20 million. All employees holding vested ESOPs have been given full liquidity in the secondary.

The post money valuation is at $2.85 billion.

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“BharatPe is now amongst the Top 5 most valued Fintech start-ups in India and has one of the strongest cap tables for any start-up in India,” it further said.

New roles

Ashneer Grover, Co-Founder and CEO, BharatPe, will be elevated to Co-Founder and Managing Director and will lead strategy, product, technology, capital (IPO, equity and debt) and drive the overall people agenda for the company.

BharatPe acquires PAYBACK India

Suhail Sameer, Group President, BharatPe, has been appointed as the CEO.

“We now have $0.5B cash on books and are extremely well capitalised to deliver on our mandate to build India’s first truly Digital Bank,” Grover said on the fund raise.

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BharatPe raises $108 million in Series D equity round

Banking & Finance

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BharatPe on Thursday announced that it has raised $108 million in a Series D equity round, at a valuation of $900 million.

“It has raised $90 million in primary fund raise and also ensured secondary exit for its angel investors and employees for a total amount of $18 million,” it said in a statement.

BharatPe bullish about growth prospects

The round was led by the company’s existing investor Coatue Management. All seven existing institutional investors participated in the round — Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital.

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“With this round, the company has raised a total of $268 million in equity and debt till date,” it further said.

Loan book of $700 million

Ashneer Grover, Co-Founder and CEO, BharatPe, said, “With the balance sheet well-capitalised, we are now going to keep our heads down and deliver $30 billion TPV and build a loan book of $700 million with small merchants by March 2023.”

Last month, BharatPe had announced that it had raised ₹249 crore ($35 million) in debt from three venture debt providers — Alteria Capital, InnoVen Capital and Trifecta Capital.

This included raising ₹50 crore in debt from Trifecta Capital, ₹90 crore in debt from Alteria Capital, ₹60 crore from InnoVen Capital, and ₹49 crore from ICICI Bank.

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