Indian fintech firm BharatPe has raised approximately $370m in a new Series E funding round that was led by Tiger Global.
In June this year, it was reported that the company was in talks to raise about $250m in a funding round led by Tiger Global.
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The new financing round will take the firm’s post-money valuation to $2.85bn.
Dragoneer Investment Group and Steadfast Capital have also participated in the new round.
The existing investors including Sequoia Growth, Insight Partners, Coatue Management, Amplo Management and Ribbit Capital have also taken part in the Series E funding round.
BharatPe co-founder and managing director Ashneer Grover said: “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.
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By GlobalData“BharatPe will remain maniacally focused on lending as the core business and small merchants as our primary target segment.”
The company enables merchants to accept payments from different payment apps.
In February this year, the Indian fintech firm raised $108m in Series D equity round.
The fundraising increased its valuation to $900m. It further raised $90m in primary fund raise and ensured secondary exit for its angel investors and employees for a total amount of $18m.
This funding round was led by existing investor Coatue Management and saw participation by other seven existing institutional investors.
