Payments firm BharatPe raises $15.5M in Series A funding round

The latest investment round involved the participation of the U.S.-based Insight Partners, joined by existing investors Beenext and Sequoia.

The Indian fintech start-up, BharatPe, has reportedly made it to the headlines for raising up to $15.5 million (approximately Rs. 107 crore) in its latest Series A financing round, from New York-based private equity firm Insight Partners, and existing investors including American venture capital firm Sequoia Capital and venture capital company Beenext.

Sources with the knowledge of the development stated that the New Delhi-based digital payments firm, whose parent company is Resilient Innovations Pvt. Ltd., recently revealed in a statement that the company is expected to deploy the fresh capital to scale up its operations in the upcolming two years.

As per a report by VC Circle, prior to the latest fundraising, UPI-enabled BharatPe had raised around $2 million in seed funding last October from Singapore-based Beenext and Sequoia Capital India. Furthermore, the round was supported by PayU’s Co-Founder Nitin Gupta, American Express’ leading executive Sanjay Rishi and Pine Labs’ Chief Technology Officer Nipun Mehra. The report added that the new leading investor Insight Partners, is a globally recognized private equity & venture capital firm that invests in major software & technology companies around the world. The company had reportedly invested in Chargebee, a cloud billing solutions provider based in Chennai, the previous year.

Ashneer Grover, the Co-Founder & Chief Executive Officer, BharatPe, was reportedly quoted stating that the new funds will help the company drive its mission of democratizing digital payments for different merchants, as well as make the UPI a highly preferable mode of payment. He further elaborated that the company has successfully transformed payment methods for more than 6,00,000 merchants in the country, over the past few months. BharatPe facilitates about 10 per cent of the country’s UPI merchant transactions on the whole, besides accounting for 1 per cent of the overall UPI.