Private Equity Fund Investments
Digital payments co BharatPe raises $370-M from Tiger Global, others; turns Unicorn
New Delhi-based lending and digital payments startup BharatPe has raised USD 370 million in a mix of primary and secondary capital, as a part of a Series E funding round led by new investor Tiger Global Management. Other new investors in the round include Dragoneer Investor Group and Steadfast Capital. The round includes a USD 20 million secondary component providing liquidity for employees and angel investors in the company. Tiger Global infused USD 100 million, with Dragoneer and Steadfast investing USD 25 million each. Existing investors Sequoia Capital India, Insight Partners, Coatue Management, Amplo and Ribbit Capital have invested a combined USD 200 million in the latest fundraise that makes BharatPe the latest entrant to India's list of unicorn startups. Its valuation has risen more than threefold to $2.85 billion in six months. (The company had last raised USD 108 million this February at a valuation of USD 900 million.) The company will aim to use the primary funds to grow its existing lines of business 10-fold in the next two years. It will also use it to capitalize the distressed PMC Bank, which it had acquired - in partnership with Centrum Financial Services - in June. Suhail Sameer (earlier Group President) is now the CEO of BharatPe and will be joining BharatPe's board of directors. BharatPe co-founder Ashneer Grover will assume the role of MD.
From the Venture Intelligence PE-VC Deal Database: Between Jan-11 and May-21, BharatPe raised 108-M in equity, with some debt, from Beenext, Coatue Management, Ribbit Capital, Steadview Capital, Insight Venture Partners, Sequoia Capital India, Alteria Capital, Trifecta Capital, InnoVen Capital, ICICI Bank ad others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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