BharatPe, a QR code-based payment app for offline retailers and businesses, has reportedly raised $50m in funding.
The capital injection was led by Ribbit Capital and Steadview Capital, with contributions also coming from Sequoia Capital, Beenext Capital, and Insight Partners, according to several articles in the media. This investment has valued the company at $225m.
From the funding, the FinTech plans to increase its merchant base from 1.45 million to more than five million within the next year. Additionally, the platform will use the capital to offer loans to underserved merchants in India, the articles report.
The India-based company helps merchants accept mobile payments by using a QR-code sticker which a customer can scan through their mobile app and complete a payment. Its services are used by restaurants, grocery stores, canteens, cafes, salons, and mobile stores.
The funding comes just months after BharatPe closed its Series A round on $15.5m from backers including Insight Partners, Sequoia Capital and Beenext.
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