BharatPe raises USD 75 mln to help Indian merchants accept digital payments

The Series C round for the one-and-a-half-year-old startup was led by US-headquartered hedge fund Coatue Management and existing investor Palo Alto-based fintech investor Ribbit Capital. VC firm Amplo, and existing investors Steadview Capital and Insight Partners  also participated in the round, which valued the startup at over USD 400 million. BharatPe has raised USD 140 million to date.

To make these merchants comfortable with accepting digital payments, BharatPe relies on QR codes that support government-backed UPI payments infrastructure. BharatPe said the startup will use much of the fresh capital to fund working capital for its merchant partners. The startup has amassed over 3 million merchants in 30 Indian cities. It aims to more than double that number by March 2021.

BharatPe operates an eponymous service to help offline merchants accept digital payments. Even as India has already emerged as the second largest internet market, with more than 500 million users, much of the country remains offline. Among those outside of the reach of the internet are merchants running small businesses, such as roadside tea stalls.