Merchant payments options provider BharatPe has raised a fresh $370 million in funding led by new investor Tiger Global at a valuation of $2.85 billion, becoming the most current Indian get started-up to develop into a unicorn.
It is the 19th Indian get started-up to join the ranks of unicorns this year.
The fundraise, component of the company’s Series E monetary round, contains a mix of key and secondary investment.
The key element of the round is about $350 million and the secondary amounts to $20 million.
All workers holding vested ESOPs (employee stock possibilities) have been provided complete liquidity in the secondary, the enterprise mentioned in a statement on Wednesday.
The round also saw Dragoneer Investment Group and Steadfast Capital joining the firm’s captable.
Existing backers Coatue Management, Insight Partners, Sequoia Growth, Ribbit Capital and Amplo also backed the investment round.
BharatPe had last raised about $108 million in key and secondary equity funding from a clutch of investors in February at a valuation of about $900 million.
The fintech get started-up has so far raised some $600 million in equity and debt financing.
The firm announced the elevation of Ashneer Grover to the position of the co-founder and MD whilst Suhail Sameer has been appointed the CEO. Sameer used to be the company’s group president till now.
In a statement, Grover mentioned the firm has $.5-billion money on books and is effectively-capitalised.
“BharatPe will remain maniacally focused on lending as the core business and small merchants as our primary target segment,” Grover mentioned.
Co-founded by Ashneer Grover and Shashvat Nakrani in 2018, the get started-up presently serves more than 70 lakh merchants across more than 140 cities.
The firm that claims to approach more than 11 crore UPI transactions per month mentioned it has currently facilitated disbursement of loans totaling to more than Rs 1,800 crore to its merchants because launch.
BharatPe’s POS enterprise processes payments of more than Rs 1,400 crore per month.
In June this year, the enterprise announced the acquisition of PAYBACK India, a multi-brand loyalty programme enterprise with more than one hundred million members.
It was also provided an in-principle approval by the Reserve Bank of India to establish a Small Finance Bank in partnership with Centrum Financial Services (Centrum), the established and lucrative NBFC arm of the Centrum Group.