Financial services company BharatPe raised USD 108 million (Rs 785.8 crore) in Series D equity round. With this round, the company has raised a total of USD 268 million (Rs 1,949.9 crore) in equity and debt till date.
The round was led by the company’s existing investor Coatue Management. All 7 existing institutional investors participated in the round — Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital.
The company has raised USD 90 million in primary fund raise and also ensured secondary exit for its angel investors and employees for a total amount of USD 18 million. Meanwhile, the company claimed that the Series D round got oversubscribed within the last 2 weeks of December 2020. “In the Series D round, existing institutional investors of the company showed their intent to consolidate the cap table and hence, BharatPe gave the opportunity to all angels and ESOP holders to liquidate,” the company stated.
Ashneer Grover, Co-Founder and CEO, BharatPe, said “We are super excited though to have returned Rs 125 crore of capital to angels and all ESOP holders, earning them one of the highest returns on investment. The team is committed to make money for all stakeholders – investors, lenders, borrowers, employees and banks. With the balance sheet well capitalised (more than USD 200 million in bank), we are now going to keep our heads down and deliver USD 30 billion TPV and build a loan book of USD 700 million with small merchants by March 2023.”
He added, “2020 has been an unprecedented year for all. However, we at BharatPe have grown exponentially - our payments business has grown 5x and our lending business has grown 10x in the last 12 months.”
Last month, the company announced that it had raised USD 35 million (Rs 249 crore) in debt from all three renowned venture debt providers – Alteria Capital, InnoVen Capital and Trifecta Capital - in the largest single raise.
BharatPe raised Rs 50 crore in debt from Trifecta Capital, Rs 90 crore in debt from Alteria Capital, Rs 60 crore from InnoVen Capital, and Rs 49 crore from ICICI Bank.
BharatPe facilitates over Rs 200 crore of loans to its merchant partners every month through its NBFC partners.