BharatPe’s Secondary Transaction: Tiger Global-Backed Fintech Unicorn Grows

BharatPe, the fintech unicorn supported by Tiger Global, has conducted its first secondary transaction since 2021 via the wealthtech platform Wylth. This move has been confirmed by two sources familiar with the situation. A source, who preferred to remain anonymous due to the private nature of the details, mentioned that family offices from Gujarat bought 2.6% from the 27% common equity available at the last private valuation.

The startup data intelligence platform indicates that BharatPe was valued at $2.85 billion during its $370 million Series E funding round. However, the specifics regarding the total amount of the secondary transaction remain unclear. The startup Superb has attempted to reach out to BharatPe and Wylth for additional comments.

Impacts of Governance Changes on BharatPe

This transaction signifies BharatPe’s first liquidity event following a period marked by governance challenges involving key figures such as Ashneer Grover, Bhavik Koladiya, Sarswat Nakrani, and Madhuri Jain Grover. Currently, BharatPe is under the leadership of CEO Nalin Negi, who is concentrating on enhancing governance and gearing up for an upcoming IPO.

Leadership Enhancements and Future Plans

Recently, BharatPe has broadened its leadership team by appointing Rajesh C as Head of Finance and Himanshu Nazkani as Head of Investments. At the same time, the company is in discussions to secure a pre-IPO funding round anticipated to be between $80 million and $100 million.

BharatPe’s Funds and Revenue Growth

To date, BharatPe has managed to raise over $650 million through equity and debt from a variety of investors, including Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital, among others. Media reports reveal a substantial increase in BharatPe’s revenue, which surged from Rs 180 crore in FY21 to Rs 1,734 crore anticipated by FY25. Notably, the company has returned to profitability, following annual losses exceeding Rs 1,800 crore four years prior.