BharatPe raises $50 million from Ribbit, Steadview

Bengaluru: BharatPe, a QRcode based payments app for offline merchants, has closed its $50-million (Rs 357-crore) financing led by US-based financial technology-focused investor Ribbit Capital. Hong Kong-based hedge fund Steadview Capital has also joined as a new investor in the payments startup, which is now valued at $225 million (Rs 1,609 crore) after the fund-raise.

TOI first reported last month about both Ribbit and Steadview being in the final stages of talks to invest in one of the fastest-growing payments startups. BharatPe’s cofounder and CEO Ashneer Grover told TOI the company’s existing investors Sequoia Capital, Beenext Capital and Insight Partners have also participated in this financing round, which follows its series-A funding of $15 million (Rs 107 crore) in April.

While the company was in talks with the investors to raise about $75 million, it has closed the series-B funding at $50 million so that founders do not have to dilute additional stake at this stage, Grover said.

“We are doing about 7 lakh transactions per day and the aim is to hit 10 lakh transactions per day by Diwali. Our lending product, which was launched three months ago, has seen good traction with almost negligible defaults,” Grover told TOI. According to him, it typically lends to its merchants in the range of Rs 30,000-40,000 for working capital.


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