New Delhi/IBNS: Fintech startup BharatPe said Wednesday that it has raised $350 million after which its post-money valuation shot up to $2.85 billion.
The new investment will catapult the company to the Unicorn club which refers to companies that are valued $1 billion and above.
The Indian Unicorn club is growing fast and the New Delhi-based company, which provides financial services to merchants, is the 19th entrant to the elite group.
The new financing round was led by Tiger Global, which has recently infused $200 million for edtech unicorn Byju’s and followed it up with over a $100 million infusion in Zomato.
Dragoneer Investment Group and Steadfast Capital were other two new participants in the new financing round.
The firm's existing investors - Coatue Management, Insight Partners, Sequoia Growth, Ribbit Capital and Amplo also participated in the new round.
The company said it has also completed a $20 million secondary share sale as part of an employee share buyback programme.
It is now among the top 5 most valued fintech startups in India. With the new investments, the company can now compete with top players in the fintech space Pine Labs, Paytm and Mswipe.
Amid these developments, the firm has elevated Sameer Sohail as the chief executive officer (CEO). He had joined as group president last year.
Cofounder and CEO of BharatPe, Ashneer Grover, will transition into the role of managing director.