BharatPe in talks to raise $350 million

Tiger Global is expected to invest between $200 million and $250 million in the new round of funding in the startup, one of the two people cited above said.

BharatPe is likely to become India’s next unicorn with New York-based Tiger Global Management LLC set to spearhead a likely investment of about $350 million in the fintech startup at a valuation of more than $2 billion, two people aware of the matter said.

BharatPe had in February raised close to $108 million in Series D primary and secondary equity funding. (Image via Twitter)

Tiger Global is expected to invest between $200 million and $250 million in the new round of funding in the startup, one of the two people cited above said. Existing investors Coatue Management and Ribbit Capital will also participate in the round, along with others such as Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital, the person said.

BharatPe had in February raised close to $108 million in Series D primary and secondary equity funding led by existing investor New York-based hedge fund Coatue Management at a valuation of $900 million.

BharatPe is in advanced talks with the investors for the latest fundraise, which track its plans around the takeover of distressed Punjab and Maharashtra Cooperative.

In a recent interview, BharatPe co-founder Ashneer Grover said the company, along with Centrum Group, will collectively infuse $250-300 million (or up to ₹2,224 crore) in PMC Bank over the next two years.