IndianBharatPe has raised $370 million in a new financing round as it looks to scale its business in the next two years aggressively. It’s the nineteenth Indian startup to become a unicorn this (up from 11 last year) as several high-profile global investors double down in the South Asian market.
The new round — a Series E — was led byand valued the New Delhi-based startup at $2.85 billion (post-money), it said in a statement Tuesday evening. Dragoneer Investor Group and Steadfast Capital , which brings the startup’s to-date raise to over $580 million against equity.
Tuesday’s newsin which we reported that the four-year-old startup was looking to raise about $250 million at a pre-money valuation of $2.5 billion. Bharat was valued at about round in February this year and $425 million last year.
Bharat co-founder Ashneer Grover confirmed that theuntil inbound requests from investors prompted an oversubscription. The new investment some secondary transactions.
Bharat, which counts Coatue, Ribbit Capital, and Sequoia Capital India among its existing investors, operates an eponymous service to help offline merchants accept digital payments and secure working capital. Even as India has already emerged as the second-largest, with more than 650 million users, much of the country remains offline.
Among those outside the ‘s reachInternet, such as roadside tea stalls and neighborhood stores. Bharat relies on QR codes and point-of-sale machines that support government-backed UPI to make these merchants comfortable accepting digital payments.
The startup, which serves more than 7 million merchants in over 130 Indian cities, has disbursed close to $300 million to merchant partners. It does not charge merchants for universal QR code access but is looking to make money by lending.
Theto expand its product offerings and work with Centrum Financial Services. It was recently granted India’s central bank ( of India) to set up a small finance bank. (Centrum Financial with BharatPe for the license, and the Indian startup says the two are “equal” partners.)
Tuesday’s development further illustrates the. The New York-headquartered firm has backed dozens of Indian startups, including , Class plus, (an app that helps blue-collar workers connect with recruiters), and home services platform in recent months.
On Tuesday, Infra. Market, an Indian startup that helps construction and real estate companies procure materials and handle logistics for their projects, said it had.