India's BharatPe raises $108m

India's BharatPe raises $108m

Indian fintech BharatPe has hit a $900 million valuation off the back of a $108 million Series D funding round led by Coatue Management.

Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital all joined the round which saw BharatPe return about $18 million to angel investors and employees.

Founded in 2018, BharatPe has developed a QR code-based payments service using India's UPI infrastructure to help offline merchants accept electronic payments. It also provides working capital to small firms and this year launched its own card acceptance terminal, with more than 50,000 machines already deployed.

Overall, the firm's payments business has grown five-fold in the last year, while the lending side has seen a 10-fold rise.

Ashneer Grover, CEO, BharatPe, says: "This growth reiterates the trust that the small merchants and kirana store owners have showed in us. This is just the beginning of our journey and we are committed to build India’s largest B2B financial services company that can serve as one-stop destination for small merchants."

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