Payments platform BharatPe raises USD 50 mln

Tuesday 27 August 2019 00:15 CET | News

Payments platform BharatPe has raised a USD 50 mln funding round led by Ribbit Capital and Hong Kong-based Steadview Capital.

Existing investors of the company Sequoia Capital, Beenext Capital and Insight Partners also participated in the round.

Commenting on the funding, BharatPe co-founder Ashneer Grover said the company plans to deploy the funds to expand their current merchant base of 1.45 million to over 5 million within the next one year and fulfil the capital requirements of the underserved offline merchants in India by lending to them.

The company is valued at USD 225 million after the recent fundraising. In April 2019, BharatPe had raised a USD 15.5 million Series A funding round from Insight Partners, Sequoia, and Beenext. With this new round, the company’s total funding stands at USD 68 million.

BharatPe is a merchant focused payments and lending platform. It offers merchants a single interface for all existing UPI apps such as PayTM, PhonePe, Google Pay, BHIM, Mobikwik, Freecharge, TrueCaller among 100 other UPI transaction applications. The platform also enables merchants to track their transactions and settlements, manage sales record, and earn periodic cashbacks.

In May 2019, BharatPe had announced its foray into the lending space with the launch of short-term credit options for merchants. The fintech startup had partnered with Apollo Finvest to enable lending on its platform and has plans to add more partners.

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Keywords: BharatPe, funding, merchants, lending, payments platform, fintech
Countries: World