Loading...

Ribbit Capital, Coatue lead $75 mn Series C round in BharatPe

Ribbit Capital, Coatue lead $75 mn Series C round in BharatPe
Photo Credit: Thinkstock
Loading...

Resilient Innovations, which owns and operates fintech platform BharatPe, has raised $75 million in a Series C round led by a new investor Coatue Management, a technology sector focused hedge fund, and returning investor Ribbit Capital.

New investor venture capital firm Amplo participated in the round along with returning investors Steadview Capital and Insight Venture Partners, regulatory filings show.

With the latest round, BharatPe has raised a total of $167 million in private capital so far. The company's last funding round was in August last year, when it raised $50 million in a Series B round, led by Ribbit Capital and Steadview Capital.

Loading...

The investment in BharatPe is Coatue Management’s first investment in the fintech sector. The New York headquartered hedge fund’s portfolio here includes multi-brand cloud kitchen startup Rebel Foods, robotic automation firm UiPath, operations modelling platform Anaplan and food delivery platform Swiggy.  

Founded in 2018 by Ashneer Grover and Shashvat Nakrani, BharatPe is a quick response (QR)-based payments platform, which allows merchants to make single interface transactions for all unified payments interface (UPI) apps. 

BharatPe said in August last year that it operates in 20 cities, serves over 1.5 million merchants, achieved $1 billion annualised total payment volume (TPV) and facilitates over 18 million UPI transactions a month. 

Loading...

The company has also started lending operations and aims to become the business utility app for more than 20 million offline merchants.

With the latest funding, the company plans to bolster growth, primarily by increasing the gross merchandise value (GMV) and revenue of the payments business, the filing said.

BharatPe competes with payment solutions providers such as Flipkart-owned PhonePe and Paytm. In December last year, Paytm raised $660 million from T Rowe Price, Alipay and SoftBank, along with other investors. In the same month, PhonePe raised $82.5 million from its Singaporean parent.

Loading...

Sign up for Newsletter

Select your Newsletter frequency