New Delhi, Aug 26 (PTI) BharatPe, a fintech firm, on Monday said it has raised US$50 million (about Rs 350 crore) in its latest round of equity financing led by leading global fintech investor, Ribbit Capital and London-based hedge fund, Steadview Capital, BharatPe said in a statement.
Existing investors – Sequoia Capital, Beenext Capital and Insight Partners also participated in the round.
With latest fund infusion, BharatPe has raised a total of over $83 million in funding over four rounds, according to IndianWeb2.com estimates.
Having established one of the largest networks of merchants in India, connected through UPI based payment services, BharatPe has emerged as one of the fastest growing fintech companies in the country, it said.
Within one year of launch, the company has achieved USD 1 billion annualised total payments volume (TPV) and facilitates over 18 million UPI transactions monthly, it said.
In April this year, Delhi-based Resilient Innovations Pvt. Ltd, which owns and operates BharatPe, had 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.
In June, the company appointed Abhishek Shah, a former IKEA marketing exec, as the Marketing Head. In his previous roles, Abhishek played an instrumental role in building IKEA’s India setup and it’s launch last year.