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Steadview in talks to join BharatPe’s $75 million round

Steadview’s interest in BharatPe comes at a time when merchant-focused fintech companies like Open and Razorpay have raised fresh capital from investors like Tiger Global and Ribbit Capital.

Jul 30, 2019, 10.36 AM IST
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This funding round may not eventually surpass $75 million in size even though there was talk of raising as much as $100 million, sources say.
Bengaluru: Hong Kong-based hedge fund Steadview Capital, which has backed companies like Ola and Flipkart, is set to join as a new investor in BharatPe, a QR code payments app for offline merchants, two people aware of the matter said.

US-based fintech-focused investor Ribbit Capital has already emerged as another new investor and is likely to lead the $75-million (Rs 515-crore) financing round for BharatPe, which had raised $15 million (Rs 103 crore) in a series -A round just in April.

Steadview’s interest in BharatPe comes at a time when merchant-focused fintech companies like Open and Razorpay have raised fresh capital from investors like Tiger Global and Ribbit Capital. BharatPe’s existing investors like Sequoia Capital India, Insight Partners and Beenext are also expected to participate in this financing round.

According to the sources mentioned earlier, this funding round may not eventually surpass $75 million in size even though there was talk of raising as much as $100 million. “The founders do not want to dilute more at this stage. Steadview has agreed to join as a new investor for this round,” a person aware of the matter said.

BharatPe co-founder and CEO Ashneer Grover declined to comment on the matter.

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