BharatPe Bags INR 200 Cr Debt Fund From IIFL and Northern Arc Capital inc42.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inc42.com Daily Mail and Mail on Sunday newspapers.
This is not your typical, hyper funded consumer internet startup, as everything about it is different when compared to the other tech IPO candidates. We will unpack it all in today s letter.
BharatPe Enters Unicorn Club; Raises $370 Mn At $2.85 Bn Valuation
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BharatPe is the fifth fintech startup to achieve unicorn status this year
BharatPe’s valuation almost tripled from $900 Mn in February 2021 to $2.85 Bn
New Delhi-based merchant payments and financial services provider – BharatPe– is the latest entrant to the coveted unicorn club in India, after it bagged $370 Mn in Series E equity round led by Tiger Global at valuation of $2.85 Bn. Dragoneer Investment Group and Steadfast Capital have come on board as new investors, while Coatue Management, Insight Partners, Sequoia Growth, Ribbit Capital, and Amplo added to their earlier investments in BharatPe.
BharatPe gets funding at $2.85 bn valuation, appoints Suhail Sameer as CEO
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Last Updated: Aug 04, 2021, 11:40 AM IST
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Synopsis
The fundraising, which pushes BharatPe into the unicorn club, gives the fintech startup capital as it takes over distressed lender PMC Bank with Centrum Financial Services to create a small finance bank.
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Suhail Sameer, new chief executive officer of BharatPe.
Mumbai | Bengaluru: Online payments startup BharatPe said it has raised $350 million in new funding, which has catapulted its post-money valuation to $2.85 billion, as investors line up to back domestic internet businesses.
The new financing will help the New Delhi-based company enter the fast growing club of Indian unicorns this year, making it the 19th entrant into the group. Unicorns are privately held companies that are valued at $1 billion or more.