BENGALURU: New York-based hedge fund Coatue Management is in talks with BharatPe to lead a $75-100 million funding round, according to three people familiar with the development. The funding is expected to almost double BharatPe’s valuation to $500 million, sources in the know told ET. Existing investors such as Ribbit Capital, Insight Partners and Steadview Capital will also participate in the latest round, which comes roughly six months after the QR-code based payments app for offline merchants closed a $50 million investment. “There is high appetite among global investors to tap businesses that focus on digitising small shop owners and creating a layer of financial inclusivity,” said an investor directly aware of the deal. “As long as retention numbers remain high, there is potential to build a very large financial services play.” Coatue, which manages more than $15 billion in assets, did not respond to ET’s email seeking confirmation of the funding. The financing comes at a time when large fintech firms like PhonePe, Paytm, Amazon Pay and Google Pay are moving towards tapping a large offline merchant base and enabling them with payments and other value-added services. “We are the fourth largest UPI player in the country despite not… Read full this story
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