Indian fintech BharatPe is reportedly in talks to raise around $250m in a new funding round led by Tiger Global.
The new round, which will be the firm’s Series E financing, is likely to provide the firm a pre-money valuation of $2.5bn, Techcrunch reported, citing sources familiar with the matter.
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As the round is yet to close, the terms may change, the unidentified sources told the publication.
BharatPe did not comment on the news.
Recently, the firm raised $233m in equity and $35m in debt, following its $108m in Series D equity round in this February, which increased its valuation to $900m.
BharatPe enables merchants to accept payments from different payment apps. It is backed by Coatue, Ribbit Capital, and Sequoia Capital India among others.
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By GlobalDataThe firm utilises QR codes and point of sale machines that support government-backed UPI payments infrastructure to cater to over six million merchants across the country.
Last week, Reserve Bank of India (RBI), the Indian central bank, granted an in-principle licence to Centrum Financial Services to establish a small finance bank.
Centrum obtained the licence in tie-up with BharatPe and both firms are said to be equal partners in the venture.
Meanwhile, another source told Techcrunch that the firm is currently developing two new apps.
One of the apps, called PostPe, is designed to facilitate credit on QR UPI while the other one is said to be B2C app enabling peer-to-peer lending.
The company is expected to roll out the new offering this month itself, according to the source.
Earlier this month, the firm marked its first acquisition with the purchase of multi-brand loyalty programme provider Payback India from American Express and ICICI Investments Strategic Fund.
