Indian digital payments firm BharatPe has secured $50m investment in a new financing round led by Ribbit Capital and Steadview Capital.

Ribbit and Steadview were joined by existing backers Sequoia Capital, Beenext Capital, and Insight Partners.

The deal takes the total capital raised by the firm to date to $68m.

BharatPe co-founder and CEO Ashneer Grover said: “The funding will help us in further strengthening our lending business and consolidating our market leadership in QR payments offline.

“We are determined to serve the small merchant community in India, which was largely underserved by financial institutions till date.”

BharatPe has a presence in Bangalore, Delhi, Hyderabad, Pune, Mumbai, Jaipur, Ahmedabad, Indore, Bhopal, Nagpur, Chandigarh, Jodhpur, Ludhiana, Surat, Patna, Karimnagar, Mysore, Visakhapatnam, Vijayawada, as well as Warangal.

The firm is said to support 18 million United Payments Interface (UPI) payments on a monthly basis. Its annualised total payment volume (TPV) is said to be $1bn.

Currently, the payment firm’s merchant base is 1.45 million. The firm intends to increase the figure to more than five million within a year.

The latest fundraising comes shortly after BharatPe’s Series A funding round, which fetched an amount of $15.5m.

Insight, Beenext, and Sequoia invested in the Series A round as well.