BharatPe is a QR code-based payment app for offline retailers and businesses. It allows merchants to accept UPI payments for ‘FREE’ through the BharatPe QR. Through the app, merchants can sign up instantly and start receiving the funds immediately in their bank account. Co-founded in 2018 by Ashneer Grover and Shashvat Nakrani, the startup is working towards driving the adoption of UPI among merchants, as well as providing them with working capital loans.
UPI payments and digital lending startup BharatPe has raised $75 million (or Rs 535 crore) as part of its Series C funding round led by US-based Ribbit Capital and hedge fund Coatue Management. Other investors who participated in the round include US-based Insight Partners and London-based hedge fund Steadview Capital. It also received funding from Amplo, a US-based venture fund, a new investor of the digital lending startup.
According to the RoC filings, both Ribbit and Coatue invested about $25 million (or Rs 178.3 crore) each as part of this round, picking up a total of 4,611 Series CCPS shares together. While Insight Partners invested close to $8.4 million (or Rs 60.62 crore), Steadview Capital and Amplo put in $3.9 million (or Rs 28.53 crore) and $12.4 million (or Rs 89.16 crore), respectively.
The Series C fundraise comes just six months after BharatPe raised $50 million in its Series B round led by Ribbit Capital, as well as London-based hedge fund Steadview Capital.