BharatPe could be another Unicorn from India

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.

There are many shopkeepers and merchants which are running very small businesses like roadside tea stalls and local Kirana stores, at those places BharatPe provided the facility to do payment from any UPI payment app by scanning the same QR code.

BharatPe does not charge merchants and users for universal QR code access but is looking to make money by lending.

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