Fintech services company BharatPe announced this month that it raised $108 million (over Rs 786 crore) in Series D equity round. The company did not disclose the details of the deal, but the regulatory filings accessed by Fintrackr gives us a fair idea about the startup's valuation and other details.
According to the report, the Series D funding led by Coatue Management puts BharatPe's valuation at $922 million. Only a year ago, the company was valued at $410 million after raising $75 million Series C round in February 2020. This marks a 125 percent jump in valuation.
Highest returns to investors
The company raised $90 million (over 655 crore) in primary fund raise, and ensured secondary exit for its angel investors and employees for a total amount of $18 million (nearly Rs 131 crore).
"We are super excited though to have returned Rs 125 crore of capital to angels and all ESOP holders, earning them one of the highest returns on investment," said Ashneer Grover, Co-Founder and CEO, BharatPe.
"With the balance sheet well capitalised (more than $200 million in bank), we are now going to keep our heads down and deliver $30 billion TPV and build a loan book of $ 700 million with small merchants by March 2023," he added.
With this round, the company has raised a total of $268 million in equity and debt till date.
Grover said the company's payments business has grown 5 times and its lending business has grown 10 times in the last 12 months.
Last month, the company announced that it had raised Rs. 249 crore in debt from Alteria Capital, InnoVen Capital, Trifecta Capital and ICICI Bank.
BharatPe is currently facilitating over Rs 200 crore of loans to its merchant partners every month through its NBFC partners.
In November 2020, BharatPe toppled GooglePay to take No 3 position in the UPI P2M category.
Earlier this month, BharatPe appointed Gautam Kaushik as its second Group President in the company.
(Additional inputs from IANS)