Sequoia Capital, Insight Partners, Cotu Management, Amplo and Ribbit Capital have jointly invested $200 million in BharatPe as a part of their existing Series E fundraise.
Bharatpe
Merchant payments and finance service provider BharatPe has received $370 million as part of a Series E funding round led by New York-based investment giant Tiger Global Management. With this the company’s valuation has more than tripled to $2.85 billion in six months. Other new investors include Dragoneer Investment Group and Steadfast Capital, which have participated in the round. This investment makes BharatPe the latest in the growing list of unicorn startups in India.
The company had raised $108 million in February this year at a valuation of $900 million. In the current fundraise, new investor Tiger Global invested $100 million in the startup, and as part of this, Dragner and Steadfast invested $25 million each. Existing investors Sequoia Capital, Insight Partners, Cotu Management, Amplo and Ribit Capital have jointly invested $200 million in the company as part of their existing Series E fundraise.
$350 million growth will provide enough runway
BharatPe co-founder Ashneer Grover will take over the role of Managing Director at the company and will continue to manage his strategy, technology and product works as well as capital fund raising.
Ashneer Grover said, “Our initial plan was to raise $250 million. However, the round was oversubscribed. We believe that $350 million of primary growth will give us enough runway for the next three years. After that we can consider getting listed in the public markets. We still have cash in the bank from our Series C and D rounds and an overall liquidity runway of $500 million, which will position us well for future growth.”
Punjab and Maharashtra Co-operative (PMC) Bank will get help
BharatPe will also use the funds to capitalize the troubled Punjab and Maharashtra Co-operative (PMC) Bank in partnership with Centrum Financial Services. In June, the Reserve Bank of India (RBI) approved the acquisition of PMC Bank by a joint consortium of Centrum and BharatPe.
read this also-
Stock Market: Market created history, Sensex crossed 54000 for the first time, investors got profit of 1.36 lakh crores
This company of Gautam Adani earned 728 crores in FY21, IPO of 4500 crores is coming
.