BharatPe becomes 19th unicorn in 2021

Fintech startup BharatPe has brought $370 million up in its Series E round led by Tiger Global Management. Dragoneer Investor Group, Steadfast Capital, Sequoia Capital, Insight Partners, Coatue Management, Amplo, and Ribbit Capital also participated in the round.

As per the New Delhi-based startup, it raised the new round at a post-money valuation of $2.85 billion and turns into the nineteenth startup to turn into a unicorn in 2021. This is a three-fold jump in the organization’s valuation inside a half year. It was valued at around $922 million during its last fundraise in February.

The mega round additionally incorporates $20 million in subsidiary to create a liquidity event for its employees and angel investors. With this, BharatPe has become the fifth most valued fintech organization in India after Paytm, PhonePe, Razorpay and Pine Labs.

The fundraise will be used to develop its current business and to capitalize distressed Punjab and Maharashtra Co-usable (PMC) Bank, said BharatPe in an official statement. It’s significant that BharatPe has a banking license with Centrum Group after the acquisition of under-administration Punjab and Maharashtra Bank.