The largest financial services provider for small businesses in India, BharatPe, stated today that it secured US$ 108 million in a Series D equity transaction valued at US$ 900 million. The company also disclosed that it received US$ 90 million in primary funding and secured an US$ 18 million secondary exit for its workers and angel investors. Coatue Management, an existing investor in the business, led the financing round. The round was attended by all 7 of the current institutional investors: Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo, and Sequoia Capital. The business has now raised a total of US$ 268 million in stock and debt, including this round.
One of the quickest rounds for an Indian company to close was this one. All angel investors and ESOP holders were given the chance to liquidate by BharatPe after current institutional stakeholders in the Company expressed their desire to converge the cap table at the Series D transaction.
Ashneer Grover, Co-Founder, and CEO of BharatPe commented on this development, saying, “We, at BharatPe, do not celebrate fundraising- it is equivalent to acquiring raw material. The fact that we gave back 125 crores of INR to angel investors and other ESOP holders, giving them one of the greatest returns on investment, makes us extremely happy.
The group is dedicated to generating profits for all parties involved, including banks, workers, lenders, and borrowers. With the balance sheet adequately financed (more than US$ 200M in the bank), we will now focus on delivering US$ 30 billion in total projected value (TPV) and building a US$ 700 million loan book with small businesses by March 2023.
The business said last month that it had completed the largest single debt offering, raising Rs. 249 crores (US$ 35 mn) from Alteria Capital, InnoVen Capital, and Trifecta Capital. Trifecta Capital provided BharatPe with a loan worth Rs. 50 crores, Alteria Capital with debt worth Rs. 90 crores, InnoVen Capital with debt worth Rs. 60 crores, and ICICI Bank with debt worth Rs. 49 crores.