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BharatPe on Wednesday said it has raised $370 million (about Rs 2,745.8 crore) in funding, led by Tiger Global that has pushed the merchant payment and lending service provider’s post-money valuation to $2.85 billion. The series E round included a secondary component of $20 million, a statement said.
Staff holding vested employee stock option plan (ESOPs) have been given full liquidity in the secondary, it added.
“The round, led by Tiger Global, also saw new participation from Dragoneer Investment Group and Steadfast Capital,” the statement said.
Ashneer Grover has been elevated to co-founder and managing director, while Suhail Sameer has been appointed as the CEO.
“We now have $0.5 billion cash on books and are extremely well capitalised to deliver on our mandate to build India’s first truly digital bank. Rarely does one witness the original thesis play out without any pivot,” Grover said.
BharatPe will remain maniacally focused on lending as the core business and small merchants as our primary target segment, he added.
“At BharatPe, we have a high-performing team attracted to our focussed execution, growth potential and culture of meritocracy. I am happy to appoint Suhail Sameer as the CEO in recognition of stupendous business growth he has delivered during the last 1 year and his ability to lead from the front,” Grover said. Sameer will also be part of the board of directors.