Accelerating its journey to becoming a unicorn, Indian QR-based payment firm BharatPe has reportedly raised $108m in a Series D equity round.
The funding round was led by the company’s existing investor Coatue Management alongside other existing backers, including Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital.
As part of the new round, the startup returned circa $17m to its angel investors and ESOP holders with stock options, it said in the statement.
With footprint in 75 cities already, the firm plans to expand its network in the country after the latest round.
Claiming that the company has $200m in the bank, co-founder and CEO Ashneer Grover said the infusion will be used to deliver $30m in total payment volume and develop the lending vertical of $700m by 2023.
With a valuation of $900m, the company has secured a total of $268m in equity and debt to date.
In January this year, it announced it raised $35m in debt from Alteria Capital, InnoVen Capital and Trifecta Capital.
Prior to the current funding round, it raised $75m in a Series C funding round in February last year, following a Series B round of $50m in August 2019. The Series B round was five months after it closed a Series A in which the firm raised $15.5m from investors including Insight Partners, Sequoia Capital and Beenext.
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