Financial technology startup BharatPe raised about $108 million in Series D primary and secondary equity funding at a valuation of $900 million making it closer to the unicorn tag, Mint said in a report.
The funding round was led by the New York-based hedge fund Coatue Management along with the participation of its six other investors including Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo, and Sequoia Capital. Reportedly, $90 million of the total fund was raised through primary funding while $18 million came in the secondary funding.
This comes after the Delhi-based alternate lending start-up raised $75 million in February 2020 in a Series C round. The company also plans to raise another $100 million after March, the report added.
Ashneer Grover, co-founder, and the chief executive officer told Mint that the Series D fund had "got oversubscribed within the last two weeks of December 2020." He added that the company's focus remains on "deepening the credit ecosystem" for the merchants. "We are clear that we want to stay aligned with categories in financial services that will provide us margins, contributing to our growth."
In November 2020, BharatPe announced that it had toppled Google Pay to become the 3rd largest player in the Merchant UPI payment acceptance space. The company further claimed that it reached an all-time high of 5% market share by transaction value and 7% market share by transaction volume.