November 25, 2020

BharatPe gets $75 million from Coatue, Ribbit

BENGALURU: Fintech startup BharatPe has raised $75 million led by hedge fund Coatue Management and Palo Alto-based fintech investor Ribbit Capital, as it looks to fund its non-banking financial company (NBFC) arm that is awaiting licence approval from the Reserve Bank of India.

The latest funding round has nearly doubled BharatPe’s valuation to $425 million.

New investor Amplo, a US-based venture capital firm, and existing investors Insight Partners and Steadview Capital also participated in the Series C round. This brings the total capital raised by the one-and-ahalf year-old startup to $143 million across four funding rounds.

BharatPe said one reason for the latest fundraising was to invest around $70 million in equity capital in its NBFC arm Resilient Capital, and leverage that by 3-4 times to raise a pool of around $300 million to service loans for merchants on its platform.

It will use the NBFC to offer lines of credit to its base of small merchants.

“We have already disbursed Rs 100 crore of term loans to merchants through partner NBFCs and are ready to extend lines of credit to our merchants, for which we need our own NBFC to innovate,” said Ashneer Grover, CEO of BharatPe. “We applied for the licence in August last year and we’re hoping we’ll get the license from the RBI by March.”

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