BharatPe joins unicorn club, valuation at $2.85 billion

The new round values BharatPe at $2.85 billion, making it the 19th Indian startup to become a 'unicorn' this year, a term used to refer to privately valued startups that have a valuation of over $1 billion dollars.

BharatPe, a startup that provides merchant payments solutions and other financial services, said it has raised $370 million in its Series E round led by Tiger Global, making it the latest entrant to the unicorn club, as the funding frenzy continues in India's startup ecosystem.

It also saw new participation from Dragoneer Investment Group and Steadfast Capital. Five out of the seven existing institutional investors participated in the round were Coatue Management, Insight Partners, Sequoia Growth, Ribbit Capital and Amplo.

BharatPe was previously valued at over $900 million barely nine months ago. Of the $370 million, the secondary component is $20 million, giving an opportunity for its angel investors and employees to cash out.

The company also announced a top management rejig. While Ashneer Grover, Co-Founder and CEO, will be elevated as the Co–Founder and Managing Director, Suhail Sameer will be the new CEO and has also joined the Board.