Returning investor Coatue leads $108 mn Series D round in BharatPe

Payments and financial services startup BharatPe has raised $108 million (around Rs 785.72 crore) in a Series D funding round led by existing investor Coatue Management.

The New Delhi based company has raised $90 million through a primary fundraise. The remaining $18 million is a secondary infusion which will deliver exits for angel investors and employees, the company said in a statement on Thursday.

Apart from New York-based investment firm Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo, and Sequoia Capital participated in the round. All of the above are existing investors in the company.

It also comes under a month after BharatPe raised Rs 50 crore (around $7 million) in venture debt from Trifecta Capital, Rs 90 crore (around $12.3 million) from Alteria Capital, and Rs 60 crore (around $8.2 million) from InnoVen Capital. It also raised Rs 49 crore from ICICI Bank.

With this, BharatPe says it has now raised a total of $268 million through equity and debt since its inception. The Series D round in the company also gives it a valuation of $900 million, it said.

BharatPe, operated by Resilient Innovations Pvt Ltd, was set up in 2018 by Ashneer Grover and Shashvat Nakrani. The company allows its customers to track payments in real-time. It has also branched heavily into the financial services space, and says it is facilitating loans of more than Rs 200 crore every month to merchants through its non-banking partners.

In its statement, Grover said the company is now aiming to deliver $30 billion in total payment volume and build a loan book of $700 million by March 2023.

“This is just the beginning of our journey and we are committed to build India’s largest B2B financial services company that can serve as a one-stop destination for small merchants,” he added.

BharatPe has raised funding at a breakneck pace since it was set up in 2018. In February last year, the startup raised $75 million (around Rs 538.89 crore) in a Series C funding round that was led by Coatue Management and Ribbit Capital.

It raised $50 million (around Rs 358.5 crore) in its Series B round in August 2019. The round was led by Ribbit Capital and Steadview Capital. The Series B infusion came just five months after its Series A round, where it raised $15.5 million (around Rs 107 crore). It had previously raised $2 million in seed funding from Sequoia Capital India and Singapore-based Beenext in October 2018.