Fintech start-up BharatPe is about to raise $100 million in a fresh equity funding round. The company is in talks with a fresh investor, as per media reports.  

BharatPe had raised a major equity round back in 2021, at a valuation of $3 billion. However, this round is expected to be negotiated at a lower valuation.  

This comes despite the ongoing departure of top-management executives from the company. Nishant Jain, the chief business officer, Prashant Gagneja, vice president responsible for organized trade among mid-sized retailers, Ashish Aggarwal, vice president overseeing user growth, Anurag Rathor, vice president of products, and Rahul Chauhan, the former head of product design at the company, have all left the company. 

Reports stated that there have been talks for new capital at BharatPe, but the contours are not finalised yet and valuation might be tricky due to a lot of factors.

“Our business is scaling well across business lines, and we are witnessing growth on all important business metrics. While we have witnessed few exits recently, our attrition levels are below industry standards, and we continue to attract and induct new talent across levels,” A BharatPe spokesperson said.

In the year 2022, BharatPe reported a total revenue of Rs 680 crore but incurred a net loss of Rs 5,610 crore. The last equity funding round took place in 2021, during which it raised approximately $370 million at a valuation of $2.9 billion. Tiger Global Management was a key investor in this round.

The upcoming funding round holds significance for BharatPe, particularly in relation to its commitment to Unity Small Finance Bank, where it holds a substantial stake.

In a recent announcement, BharatPe revealed that it has deployed approximately 200,000 devices across more than 400 locations in India. The company plans to double its network of terminals within the next year by launching a new Android-based Point of Sale (PoS) terminal.

While BharatPe was an early disruptor in the offline payment space through its aggressive deployment of QR code terminals, competitors like Paytm and PhonePe have also entered the market with terminals capable of accepting both card and UPI payments.