BharatPe close to become a unicorn after raising $108 million from Coatue Management

• BharatPe has raised $108 million at a valuation of $900 million.
• Following the current round, the startup has raised over $268 million combined in equity and debt funding.
• Existing investors, including Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo, and Sequoia Capital, also participated in the round

New Delhi-based P2M fintech startup BharatPe has raised $108 million (about Rs 786 crore) in a fresh funding round led by New York-based technology-focused investment firm Coatue Management at a valuation of $900 million.

Other existing investors including Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo, and Sequoia Capital, also participated in the funding round.

Last month, BharatPe had raised $7 million from Trifecta Capital Advisors, InnoVen Capital, ICICI Bank, and Alteria Capital as part of its debt financing round. Prior to that round, It had raised $75 million in February 2020 at a valuation of about $450 million.

Following the current funding round, BharatPe has raised over $268 million combined in equity and debt funding from investors including Insight Partners, Amplo, BEENEXT, Steadview Capital, Sequoia Capital, among others.

As part of the funding round, The startup has returned Rs 125 crore to its angel investors and all ESOP holders.

"We have returned Rs 125 crore of capital to angels and all ESOP holders, earning them one of the highest returns on investment," said Ashneer Grover, Co-Founder & CEO, BharatPe.

Founded in April 2018 by Ashneer Grover and Shashvat Nakrani, BharatPe (Resilient Innovations Pvt. Ltd.) allows shop owners and businesses to accept payments from any UPI app (such as Google Pay, PayTm, PhonePe) through a one developed QR Code.

“With the balance sheet well-capitalized - more than $200 million in the bank - we are now going to keep our heads down and deliver $30 billion total payment volume and build a loan book of $700 million with small merchants by March 2023," said Ashneer Grover in a press release.

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The platform claims to have a network of 5+ million registered merchants across 75 cities in the country. Meanwhile, BharatPe is also in talks to acquire Punjab and Maharashtra Cooperative Bank to build end-to-end banking as a product for merchants.

Besides payments solutions, The platform also provides loan facilities to its merchants by partnering with Non-bank financial institution (NBFC) partners. According to the reports, BharatPe is currently facilitating more than Rs 200 crore of loans to its registered merchants.

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