Fintech startup BharatPe’s valuation has tripled from the level of $900 million around nine months back piggybacking on the latest round of funding infusion, led by Tiger Global. BharatPe has raised $370 million in Series E round led by Tiger Global at a post money-valuation of $2.85 billion to turn into a unicorn, i.e., private companies valued at $1 billion and above. This is the 19th unicorn from the Indian startup ecosystem for this year till now.
BharatPe was valued at around $900 million prior to this round of funding. In this latest round, the new investors also included Dragoneer Investment Group and Steadfast Capital. Also recently, BharatPe’s FY21 revenue has been reported to have jumped over 6X to reach Rs 700 Cr and the company has reported that it is aiming to double it in FY22.
On turning into a unicorn with the latest funding round, Ashneer Grover, Co– founder & Managing Director, BharatPe, said in a statement, “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.”