Delhi-based Resilient Innovations Pvt. Ltd, which owns and operates payment tech startup BharatPe, has raised $15.5 million (about Rs 106.7 crore) in series A round of funding from Insight Partners, an American venture capital and private equity firm, along with contribution from existing investors, Sequoia and Singapore-based VC firm, Beenext.
The fund raised will be utilized by BharatPe in scaling its operations and empowering millions of merchants with UPI payment within the next two years.
The funding came within a couple of months after BharatPe had raised nearly $17 million (about Rs 120 crore) from Sequoia Capital India, valuing the payments startup at $60-65 million. Prior to that in October last year, it raised $2 million in seed funding from Sequoia Capital India and Beenext.
With latest fund infusion, BharatPe has raised a total of $33 million in funding over three rounds, according to www.indianweb2.com estimates.
Founded in 2018 by Ashneer Grover and Shashvat Nakrani, is a B2B payments company enabling universal ‘UPI’ acceptance at offline merchants. Unified Payments Interface (UPI) is an immediate real-time payment system that helps in instantly transferring the funds between the two bank accounts through a mobile platform.
Currently with over 6 lakh merchants in India, the startup is operating in 11 cities – Hyderabad, Bengaluru, Delhi, Pune, Mumbai, Ahmedabad, Indore, Bhopal, Nagpur, Chandigarh and Jaipur.
To recall, last month leading payments startup MSwipe Technologies has raised Rs 219.8 crore from US-based hedge fund Falcon Edge, B Capital Asia, Epiq Capital and DSG Consumer Partners. At the same time it was also reported that another leading Indian online payments startup Razorpay is in advanced discussions with Silicon Valley-based venture capital firm Sequoia Capital to raise $75-100 million in new funding,