BharatPe raises $370 mn funding led by Tiger Global, valuation touches $2.85 bn

By: |
August 04, 2021 10:13 AM

The series E round included a secondary component of USD 20 million, a statement said. Staff holding vested employee stock option plan (ESOPs) have been given full liquidity in the secondary, it added.

bharat peStaff holding vested employee stock option plan (ESOPs) have been given full liquidity in the secondary, it added.

BharatPe on Wednesday said it has raised USD 370 million (about Rs 2,745.8 crore) in funding, led by Tiger Global that has pushed the merchant payment and lending service provider’s post-money valuation to USD 2.85 billion. The series E round included a secondary component of USD 20 million, a statement said. Staff holding vested employee stock option plan (ESOPs) have been given full liquidity in the secondary, it added.

“The round, led by Tiger Global, also saw new participation from Dragoneer Investment Group and Steadfast Capital,” the statement said. Five out of the seven existing institutional investors participated in the round – namely Coatue Management, Insight Partners, Sequoia Growth, Ribbit Capital and Amplo, it added. Ashneer Grover has been elevated to Co-founder and Managing Director, while Suhail Sameer has been appointed as the CEO. ”We now have USD 0.5 billion cash on books and are extremely well capitalised to deliver on our mandate to build India’s first truly digital bank. Rarely does one witness the original thesis play out without any pivot,” Grover said.

BharatPe will remain maniacally focused on lending as the core business and small merchants as our primary target segment, he added. ”At BharatPe, we have a high performing team attracted to our focussed execution, growth potential and culture of meritocracy. I am happy to appoint Suhail Sameer as the CEO in recognition of stupendous business growth he has delivered during the last 1 year and his ability to lead from the front,” Grover said. Sameer will also be part of the board of directors.

He will be responsible for the overall Business and Profit and Loss, merchant network expansion, monetisation, lending, banking foray and the brand, the statement said.

Grover, who previously served as CEO, will now lead strategy, product, technology, capital (IPO, equity and debt) and drive the overall people agenda for the company. ”I am sure that with his (Grover’s) continued guidance and focus on building a strong tech and product core, we will be able to scale the business 10x from here. We have the team, capital, technology, brand, product, market and regulatory regime to create an immensely valuable business,” Sameer said.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Facebook India appoints former IAS officer Rajiv Aggarwal as Head of Public Policy
2India Inc expected to dole out 8.6 pc average increment in 2022: Deloitte survey
3Shapoorji Pallonji Group sells Eureka Forbes to Advent in Rs 4,400-crore deal