QR-based payments company BharatPe has reportedly raised $75m in a Series C round which has valued the FinTech at $400m.
The round was led by hedge fund Coatue Management and previous BharatPe investor Ribbit Capital, according to several reports in the media. Other contributions came from Amplo, Insight Partners and Steadview Capital.
BharatPe, which was founded in 2018, previously raised $50m late last year which had valued it at $225m. The company also closed a Series A in 2019 on $15.5m from investors including Insight Partners, Sequoia Capital and Beenext.
India-based BharatPe plans to use the funds as working capital for its merchant partners, the articles claim.
Merchants can leverage BharatPe’s technology to accept mobile payments through QR-code stickers which a customer can scan via a mobile app and complete a transaction. Its services are used in restaurants, grocery stores, canteens, cafes, salons and mobile stores.
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