India BharatPay Valued at USD900 Million, After Raising USD108 Million

On 11 February 2021, Bharatpay raised USD 108 million in a series D round funding which helped the company to value at USD 900 million. Now it can be clearly seen India can see a new unicorn startup.

Investments in series D round were made by Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital.

BharatPay is a brand owned and operated by Digicard Services Pvt. Ltd, a joint venture in collaboration with Kanoria Foundation. It is a fully integrated technology platform which aims to provide various financial services in a digital mode to its users with an aim to bring the cashless digital ecosystem to the rural landscape.

Ashneer Grover co-founder of BharatPay said,” With the balance sheet well capitalized (more than US$200 million in bank), we are now going to keep our heads down and deliver USD30 billion TPV and build a loan book of USD700 million with small merchants by March 2023,”

BharatPat serves more than 7 million merchants, said it had deployed over 50,000 PoS machines by November 2020, and enables monthly transactions worth more than USD123 million. It does not charge money from merchants for universal QR code access, but is looking to make money by lending. Grover said the startup’s lending business grew by 10x in 2020.

With India marching towards digitalization with penetration of smartphone market in urban as well as rural area and with cheap data prices drive the growth of online payment QR code.