Fintech startup BharatPe has raised $370 million in Series E round. This financing round is led by Tiger Global Management. In addition, Dragoneer Investor Group, Steadfast Capital, Sequoia Capital, Insight Partners, Coatue Management, Amplo and Ribbit Capital also participated in the round.
According to the company, this investment has been made at a post-money valuation of $2.85 billion and BharatPe has become the 19th startup to join the Unicorn club in the year 2021. This is a three-fold jump in the company’s valuation in six months. Earlier in February, its valuation was $922 million in the company’s last financing round.With the new financing round, BharatPe has become the fifth most valuable fintech company in the country. The fund will be used to scale up its existing business and capitalize the troubled Punjab and Maharashtra Co-operative (PMC) Bank, the company said in a press release.
BharatPe has also made significant changes in its top management. Ashneer Grover will be promoted to the post of Managing Director while Suhail Sameer has been appointed as the new CEO of the company. According to the company, BharatPe has a presence in 140 cities and in the next 24 months the company plans to expand its reach to around 300 cities.