Indian digital loans and payments startup BharatPe has secured $ 350 million in new funding, according to a Wednesday, Aug.4, Economic Times report. The latest round of funding raised the value of the three-year company to $ 2.85 billion.
As PYMNTS previously reported, the latest funding follows a Series D funding round in February that raised $ 108 million and increased valuation to $ 900 million. At the time, BharatPe co-founder and CEO Ashneer Grover said the company had a balance sheet of over $ 200 million, adding that it had set itself a goal of delivering a total payment volume of 30. billion dollars and create a loan portfolio of 700 million dollars with small retailers. by March 2023.
Read more: BharatPe in India secures $ 108 million in funding valued at $ 900 million
The new funding places BharatPe in the coveted unicorn category, reserved for private companies valued above $ 1 billion. According to CB Insights, there are 779 unicorn businesses around the world.
The company quickly appreciated in value. In 2020, when BharatPe raised $ 75 million in Series C funding, it was worth $ 400 million. With this week’s funding announcement, the company has raised a combined total of $ 618 million to date.
See more: BharatPe Raises $ 75 Million to Increase Loans to Indian SMEs
The most recent round of funding was backed by current investors Coatue Management, Insight Partners, Sequoia Growth, Ribbit Capital and Amplo, with Tiger Global at the helm of contributions and new investors Dragoneer Investment Group and Steadfast Capital. The New Delhi-based company said it also made a $ 20 million secondary share sale as part of an employee share buyback effort.
Grover and Shashvat Nakrani co-founded BharatPe in 2018 to simplify financial inclusion for Indian traders. The company has pioneered many firsts in India, including the first interoperable UPI QR code, a ZERO MDR payment acceptance service, and a UPI payment-backed merchant cash advance service. The company works with 50 lakh merchants in 35 cities and provides merchants with a QR code supported by the country’s UPI payment structure.