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.
ETtech
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.
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Editor’s take: The week that was March 1-6
March 7, 2021
As we compile the list of significant developments that unfolded in Asia last week, we see an interesting shift in trend. A lot of headlines are now being dominated by SPAC-related news across markets. Earlier, the SPAC frenzy was primarily associated with companies in Southeast Asia but now it seems that countries like India, too, are warming up to the idea of listing through the SPAC route.
Indonesian unicorn
Bukalapak recently made headlines for considering a US listing via SPAC. Sources told us at DealStreetAsia that the e-commerce giant is also eyeing an IPO on the Indonesia Stock Exchange (IDX) as it looks to save tax costs associated with the listing process in the US.
By Reuters Staff
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FILE PHOTO: An employee weighs tomatoes after packing them at a Big Basket warehouse on the outskirts of Mumbai November 4, 2014. REUTERS/Danish Siddiqui
BENGALURU (Reuters) - India s Tata Group will buy a 68% stake in online grocery startup BigBasket for about 95 billion rupees ($1.31 billion), television channel ET Now said bit.ly/3jTL0Cf on Tuesday, citing sources.
The salt-to-software conglomerate has been planning to launch a “super app” that will tie in all its consumer businesses, according to media reports, as it competes against Amazon.com Inc and Reliance Industries Ltd in India’s booming e-commerce market.
Tata group to take $1.3 billion stake in BigBasket: Report
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Tata s stake will translate into an enterpise value of ₹13,500 crore for BigBasket, the report said
(Photo: Mint)
Anuron Kumar Mitra
, Reuters
Indian conglomerate Tata group will buy a 68% stake in Alibaba-backed online grocery startup BigBasket for about ₹9,500 crore ($1.31 billion), the report said
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India s Tata group will buy a 68% stake in online grocery startup BigBasket for about ₹9500 crore ($1.31 billion), television channel ET Now said on Tuesday, citing sources.
The salt-to-software conglomerate has been planning to launch a super app that will tie in all its consumer businesses, according to media reports, as it competes against Amazon.com Inc and Reliance Industries Ltd in India s booming e-commerce market.