NEW ELHI: BharatPe has been in discussions to raise new funding. The round could see the fintech unicorn valued at $3.8-4Billion, according to two people who are familiar with the matter.
Resilient Innovations Pvt. Ltd, which manages the BharatPe payments system, intends to raise at most $150 million in Series F, according to people who spoke anonymously.
They said the company was talking with several hedge and private equity funds.
BharatPe spokesperson declined to comment.
In 2018, Ashneer Grover and Shashvat Nakrani founded the fintech company UPI QR Code-based payments app for small and medium businesses.
BharatSwipe is a payment acceptance terminal that the company also launched.
BharatPe currently serves more than a 7.5million merchants in over 140 cities. According to the company website, it claims to process more than 110 million UPI transactions each month.
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The company also claims that it has disbursed loans in excess of Rs2,800 crore to over 300,000 merchants since its inception.
Private equity funding has been attracted to the fintech company. After raising $370 million at a valuation of $2.85 billion, the company became a unicorn.
The company also had secured multiple rounds of debt financing. It received Rs100 crore from MAS Financial Services Pvt. in October, the latest infusion. Ltd.
The Reserve Bank of India (RBI) issued a small finance banking (SFB) license to Centrum Financial Services Ltd. (Centrum), which is the Centrum Group’s small business lending arm.
Flipkart-owned PhonePe sued BharatPe that month over the use of the suffix ‘Pe” for the latter’s new ‘buy now, pay later product, called ‘PostPe.’
Significant investments have been made in Indian fintech startups in the last few months. Uni, a credit- and payments company, raised $70million as part of the Series A round that General Catalyst led in December.
JusPay Technologies Pvt. Ltd, which runs a payments platform, raised $60 Million in Series C funding led by SoftBank Vision Fund 2.
Slice, a fintech startup that focuses on millennials, was launched by GaragePrenuers Internet Pvt. in November. Ltd became a unicorn. It raised $220 Million in its latest Series B funding round, led by New York-based investment companies Tiger Global and Insight Partner.
