· ‘Tiger Global’ leads the round
· Ashneer Grover elevated to Co – Founder & Managing Director
· Suhail Sameer appointed as the CEO
Mumbai, NFAPost: BharatPe, India’s leading financial services company for merchants, announced that it has raised $ 370 million in Series E equity round, at a post-money valuation of $2.85 billion. The primary component of the round is $350 millio and secondary component of $20 millio. All employees holding vested ESOPs have been given full liquidity in the secondary.
The round, led by Tiger Global, also saw new participation from Dragoneer Investment Group and Steadfast Capital. Five out of the seven existing institutional investors participated in the round – namely Coatue Management, Insight Partners, Sequoia Growth, Ribbit Capital and Amplo. BharatPe is now amongst the Top 5 most valued Fintech startups in India, and has one of the strongest cap tables for any start-up in India.
Speaking on the announcement, BharatPe Cofounder & Managing Director Ashneer Grover said the company is excited to welcome Tiger, Dragoneer and Steadfast to BharatPe, and are glad that its existing investors continue to double down on us in every round.
“We now have $0.5 billion cash on books and are extremely well capitalised to deliver on our mandate to build India’s first truly Digital Bank. Rarely does one witness the original thesis play out without any pivot. BharatPe will remain maniacally focused on lending as the core business and small merchants as our primary target segment,” said Ashneer Grover.
Ashneer Grover
Ashneer Grover added BharatPe has a high performing team attracted to our focussed execution, growth potential and culture of meritocracy.
“I am happy to appoint Suhail Sameer as the CEO in recognition of stupendous business growth he has delivered during the last 1 year and his ability to lead from the front. I am also honoured to invite him to the Board of Directors,” said Ashneer Grover.
Suhail Sameer would be responsible for the overall Business and P&L, Merchant Network Expansion, Monetisation, Lending, Banking Foray and the Brand. Ashneer Grover, Co-Founder and CEO, will be elevated to the Cofounder & Managing Director position and will lead Strategy, Product, Technology, Capital (IPO, Equity & Debt) and drive the overall People agenda for the company.
Suhail Sameer, Chief Executive Officer, BharatPe said Ashneer has done an unbelievable job against odds, in building BharatPe to a market leader in a small span of 3 years, since inception.
“I am excited to be stepping in his shoes and taking over the responsibilities of CEO. I am sure that with his continued guidance and focus on building a strong tech and product core, we will be able to scale the business 10x from here. We have the team, capital, technology, brand, product, market and regulatory regime to create an immensely valuable business. The ball is in our court!,” said Suhail Sameer.
