Indian fintech BharatPe, which enables merchants to accept payments from different payment apps, has raised $108m in Series D equity round led by existing backer Coatue Management.
The fundraising increased its valuation to $900m, bringing the company closer to the unicorn tag.
The company further raised $90m in primary fund raise and ensured secondary exit for its angel investors and employees for a total of $18m.
BharatPe’s seven other existing institutional investors also participated in the funding.
BharatPe co-founder and CEO Ashneer Grover said: “2020 has been an unprecedented year for all. However, we at BharatPe have grown exponentially – our payments business has grown 5x and our lending business has grown 10x in the last 12 months.
“This growth reiterates the trust that the small merchants and kirana store owners have showed in us. This is just the beginning of our journey and we are committed to build India’s largest B2B financial services company that can serve as one-stop destination for small merchants. For BharatPe, merchants will always be at the core of everything we build.”
With the latest fundraising, the company has now secured $268m in equity and debt.
Notably, the company raised $35m in debt from three venture debt providers last month.
Founded in 2018, BharatPe seeks to improve financial inclusion among Indian merchants. The company claims to have launched India’s first UPI interoperable QR code, first ZERO MDR payment acceptance service and first UPI payment backed merchant cash advance service.
Last year, it introduced India’s only ZERO MDR card acceptance terminals – BharatSwipe.
Currently, it counts around five million merchants across 35 cities as its clients.