B2B fintech startup BharatPe has seen its valuation more than triple with its latest Series E round led by VC giant Tiger Global. More importantly, the fintech major is now the newest unicorn on India’s startup horizon, precisely it is the 19th startup to surpass the $1 Bn valuation in the current year. Equally important is to note that Tiger Global has added yet another high-profile Indian startup in its portfolio. The deal also marks the New York based VC giant’s rare bet in India’s B2B fintech space.
BharatPe’s Series E round saw investment from plethora of other international investors including Dragoneer Investor Group and Steadfast Capital. Notably, the company had raised fresh funds in a Series D round in February this year at a valuation of around $900 – 950 Mn. Investors have certainly decided to aggressively back up the Delhi based startup. The same is explicitly being reflected in its impressive growth in valuation and two back-to-back funding round in quick succession.
BharatPe has unsurprisingly stated in its press release that it will use the major chunk of the latest funding for investing in the PMC bank. Barely a month back, the Delhi based startup surprised everyone by acquiring the troubled PMC bank and thereby making its foray into the banking space. BharatPe joined hands with established NBFC player Centrum Finance to make this one of its kind acquisition deal.
BharatPe acquiring PMC Bank was celebrated as a momentous occasion, with many describing it as a landmark event for the highly nascent fintech industry. But the rapidly growing startup has equally seen exit of several high-profile executives, raising concerns about the apparent tension in the boardroom.
The company had recently announced the appointment of Suhail Sammer as the new Group President.