BharatPe gets funding at $2.85B valuation

Bengaluru: Sequoia-backed Indian fintech firm BharatPe said on Wednesday it had raised $370 million in a funding round led by investment giant Tiger Global, giving the company a post-money valuation of $2.85 billion.The fundraising comes less than two months after the Reserve Bank of India approved PMC Bank's takeover by a joint venture of BharatPe and Centrum Group. The joint venture for launching a small finance bank will infuse Rs 1,800 crore capital into troubled lender on its merger with the proposed bank.BharatPe has said that the partnership will enable it to provide a tech platform for all fintechs.Also Read: Making sense of BharatPe's banking forayOn June 10, barely days before the PMC Bank move, BharatPe marked its first acquisition in Payback India. It acquired 100% of the multi-brand loyalty programme from American Express Inc. and ICICI Investments Strategic Fund for an undisclosed amount.

from Economic Times https://ift.tt/3AcFr9d