India is going to have another fintech Unicorn very soon. A unicorn is a Startup company with a value of over $1 billion.
BharatPe is a New Delhi based financial services startup. BharatPe said on Thursday that it has raised $108 million in a financing round. After this, it had valued at $900 million, $100 million more required in becoming another Unicorn.
It was the company's series D round and was led by Coatue management. Some existing institutional investors, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital were also there. It brings BharatPe’s total to-date raise to $233 million in equity and $35 million in debt. BharatPe also returned $17.17 million to its angel investors and employees with stock option.
BharatPe helps offline merchants and traders to accept digital payments. India has also emerged as the second-largest online market with more than 600 million users.
BharatPe does not charge merchants and users for universal QR code access but is looking to make money by lending.
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