India’s BharatPe raises $50M to help merchants accept digital payments and secure working capital

BharatPe, a New Delhi-based firm that is enabling hundreds of thousands of merchants to start accepting digital payments for the first time each month and also giving them access to working capital, has raised $50 million as it looks to scale its business in the nation.

The Series B round for the one-year old startup was led by San Francisco-headquartered VC firm Ribbit Capital and London-based Steadview Capital, both of which have previously invested in a number of financial services in India.

Existing investors Sequoia Capital, Beenext Capital, and Insight Partners also participated in the round, pushing BharatPe’s all-time raise to $65 million. The new round valued the startup at $225 million, Ashneer Grover, cofounder and CEO of BharatPe, told TechCrunch in an interview.

Google and Amazon, both of which offer payment services in India, were also in advanced stages of talks to fund BharatPe’s Series B financing round, but the startup’s founding team was not keen on diluting their stakes especially in the wake of BharatPe’s recent growth, a person familiar with the matter told TechCrunch.

BharatPe operates an eponymous service to help offline merchants accept digital payments. Even as India has already emerged as the second largest internet market

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