India’s BharatPe Raises $108 Million In New Funding
Several startups continue to receive support and intervention from different investment sources explicitly tailored to their firms’ development. The latest startup is BharatPe, which has recently conducted a Series D funding led by its leading investor, Coatue Management.
The Indian FinTech startup based in Delhi is now chasing the billion mark, as it currently valuates at about $900 million. Venture capitals like Ribbit capital, Benext, Amplo, etc., participated in the funding, which grossed about $90 million cumulatively. BharatPe, in a bid to complete the fund rounding, added $18 million to the pool.
Several other ventures completed the investment round
In the Delhi-based FinTech company’s official announcement, the total amount it has now received from investment funding is tilting towards $268 million. The FinTech firm, since its inception in 2018, has continued to thrive under all circumstances as its services continue to be highly sought after in India. Speaking to the press about it. the firm’s CEO, Ashneer Grover, is delighted at the new funding as he believes that it will improve the firm’s overall business operation.
In his explanation to the press, Grover took his time to details the firm’s outstanding success over the last year, despite the harsh economic impact of COVID-19. In the Executive’s speech, he explained how the demand for their payment service has gone up, and the demand for their lending services has rapidly increased.
Grover believes that the recent investment funding shows that several top guns believe in BharatPe, and promised that they would not let them down. Grover affirmed that the payment service firm’s lofty ambition is to be India’s largest and most preferred payment and lending solution provider as it continues to build and develop customer-centric products.
Investment Funding continues to be popular
BharatPe might be the latest FinTech to have raised funds via investment round, but it is neither the first nor going to be the last as investment round continues to be more popular. Many cryptocurrency and Blockchain firms have turned to several capital ventures to raise funds via investment rounds, which is touted towards providing value-added service for Blockchain technology.
Investment rounds have placed many firms into strategic business positions, which they can exploit by building a relationship with their venture capitals. However, investment rounds are bolstered by the initial and projected success of the venture capitals’ businesses are committing their funds.
BharatPe success is one that many potential investors cannot overlook, as the payment firm is now one of India’s leading providers of UPI offline transactions. However, the nature of investment funding will only imply that several Blockchain and Fintech startups will be needing a lot of it for the future. Hence, investment funding is believed to be the future.