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Exclusive: BharatPe marks first secondary deal since 2021 at $2.85 Bn valuation

EntrackrEntrackr · 20d ago
Exclusive: BharatPe marks first secondary deal since 2021 at $2.85 Bn valuation
Medial

Exclusive: BharatPe marks first secondary deal since 2021 at $2.85 Bn valuation Now led by CEO Nalin Negi, Delhi-based fintech unicorn BharatPe is focusing on strengthening governance and preparing for an IPO. Tiger Global-backed fintech unicorn BharatPe carried out its first secondary transaction since 2021 through wealthtech platform Wylth, according to two sources aware of the details. “As part of the deal, Gujarat-based family offices acquired 2.6% from the 27% common equity pool at the last private valuation,” said one of the sources, requesting anonymity as the details are private. According to the startup data intelligence platform TheKredible, BharatPe was valued at $2.85 billion when it raised a $370 million Series E round. The size of the secondary transaction couldn’t be ascertained. Entrackr has reached out to BharatPe and Wylth for comments. This marks BharatPe’s first liquidity event following its prolonged governance turmoil which involved Ashneer Grover, Bhavik Koladiya, Sarswat Nakrani, and Madhuri Jain Grover. Now led by CEO Nalin Negi, BharatPe is focusing on strengthening governance and preparing for an IPO. The firm recently expanded its leadership team with the appointment of Rajesh C as Head of Finance and Himanshu Nazkani as Head of Investments. Meanwhile, BharatPe is also in talks to raise a pre-IPO round to the tune of $80-100 million. To date, it has raised over $650 million in equity and debt from investors including Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital, and others. As per media reports, BharatPe’s revenue jumped from Rs 180 crore in FY21 to Rs 1,734 crore in FY25. The company turned profitable after recording annual losses of more than Rs 1,800 crore four years ago.

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Fidelity marks up IPO-bound Lenskart's valuation to $6.1 Bn

EntrackrEntrackr · 3m ago
Fidelity marks up IPO-bound Lenskart's valuation to $6.1 Bn
Medial

Fidelity marks up IPO-bound Lenskart's valuation to $6.1 Bn The development comes as Lenskart prepares for its initial public offering (IPO), with plans to raise $1 billion at a targeted valuation of $10 billion. Fidelity has revised the valuation of omnichannel eyewear retailer Lenskart to $6.1 billion, as per its latest monthly portfolio holdings update. In November, Fidelity valued the Peyush Bansal-led company at $5.6 billion. In June 2024, Lenskart raised $200 million via a secondary round, followed by a $20 million investment led by Bansal. As of now, the company has secured nearly $1 billion and reached a valuation of $5 billion during the secondary deal in which Fidelity also participated. Just last week, the company converted its holding entity from a private limited to a public limited company, a move exclusively reported by Entrackr. Media reports also suggested that Lenskart is set to file its draft red herring prospectus (DRHP) confidentially with the markets regulator by the end of this month. Lenskart inched closer to profitability in FY24, with losses narrowing sharply by 84% to Rs 10 crore from Rs 63 crore in FY23. The company’s revenue from operations rose by 43% to Rs 5,427.7 crore in FY24. Its FY25 result has yet to be reported. Lenskart is also exploring the acquisition of location intelligence startup GeoIQ.

Exclusive: CRED set to raise $75 Mn at $3.5 Bn valuation led by GIC

EntrackrEntrackr · 4m ago
Exclusive: CRED set to raise $75 Mn at $3.5 Bn valuation led by GIC
Medial

CRED set to raise $75 Mn at $3.5 Bn valuation led by GIC After a three-year pause, fintech unicorn CRED is back in the fundraising game with a $75 million investment from its existing investors, three sources familiar with the matter told Entrackr. “Existing investor GIC, through Lathe Investment, is leading the round, with participation from RTP Global and Sofina,” said one of the sources requesting anonymity. The source added that CRED founder Kunal Shah will invest around $20 million in the internal round. “The deal terms have been finalized, and the investment is expected to be announced shortly.” CRED raised $140 million in June 2022 in a mix of primary and secondary rounds led by GIC at a valuation of $6.4 billion. Following the deal, CRED's valuation is set to drop to $3.5 billion, a 45% cut from its previous valuation, according to sources cited above. CRED has raised a total of $1 billion in funding across nine rounds. According to startup data intelligence platform TheKredible, PeakXV is the largest external stakeholder with 10.4% followed by Ribbit Capital, Tiger Global, and others. Founder and CEO Shah commands a direct 22.8% stake, along with his QED Innovation Labs. The fundraise comes as CRED works to narrow its losses. A source indicated that the company turned profitable in the first two months of FY26 and is now targeting full-year profitability for the ongoing fiscal. CRED declined to comment on the story, while queries sent to GIC, Sofina and RTP Global did not elicit a response. CRED provides services such as credit card management, credit score tracking, hidden charge detection, bill payment reminders, and cashback. It also offers access to shopping, travel packages, and tools for managing vehicle insurance, FASTag, and other related features. It also used to offer P2P lending but recently discontinued it after RBI’s guidelines. During FY24, CRED reported a 22% increase in its net loss to Rs 1,644 crore. This figure includes expenses related to the employee stock ownership plan (ESOP) and taxes. Meanwhile, the company’s revenue surged 66% year-on-year to Rs 2,473 crore during the same period.

BharatPe turns EBITDA profitable in FY25, revenue touches Rs 1,667 Cr

EntrackrEntrackr · 12d ago
BharatPe turns EBITDA profitable in FY25, revenue touches Rs 1,667 Cr
Medial

BharatPe’s revenue from operations grew by 16.9% to Rs 1,667 crore in FY25 from Rs 1,426 crore in FY24, its consolidated annual financials accessed by Entrackr show. Fintech unicorn BharatPe witnessed a turnaround in the previous fiscal year as it recorded steady growth in scale while achieving EBITDA profitability. The company also managed to significantly cut down its losses, which shrank by over 80% during FY25. BharatPe’s revenue from operations grew by 16.9% to Rs 1,667 crore in FY25 from Rs 1,426 crore in FY24, its consolidated annual financials accessed by Entrackr show. Service fee income, which includes processing charges, commission on loan transactions, and rental income from the sale of machines and loudspeakers, remained the largest revenue driver for BharatPe, contributing 77.6% of operating revenue. This stream grew 15.8% year-on-year to Rs 1,456 crore in FY25. Revenue from the NBFC business rose to Rs 211 crore in FY25 from Rs 165 crore in FY24. Moreover, the company booked Rs 67 crore in non-operating income, pushing its total revenue to Rs 1,734 crore during the year. For BharatPe, transaction processing expenses accounted for 20.8% of the overall cost base at Rs 391 crore in FY25. Employee benefits remained steady at Rs 360 crore, which includes Rs 148.5 crore as ESOP (share-based payments). Its advertising spend saw a sharp 84% reduction to Rs 26 crore during the year. Other overheads, including outsourced services, merchant onboarding, and IT expenses, pushed the company’s total expenditure to Rs 1,876 crore in the fiscal year ending March 2025. The decent growth in scale, coupled with an effective cost mechanism, helped BharatPe to reduce its losses by 82.1% to Rs 88 crore in FY25 from Rs 492 crore in FY24. Notably, BharatPe reported a positive EBITDA of Rs 47 crore in FY25. Stripping out ESOP-related expenses, the company’s adjusted EBITDA would stand at Rs 195.5 crore for the year. BharatPe’s ROCE and EBITDA margins also improved to -3.8% and 2.82% respectively, in FY25. On a unit level, it spent Rs 1.13 to earn a rupee in FY25. At the end of the previous fiscal year, the company had total current assets of Rs 2,685 crore with cash and bank balances of Rs 872 crore. Earlier this month, BharatPe facilitated its first secondary transaction since 2021 at a valuation of $2.85 billion. To date, the fintech unicorn has raised over $650 million in equity and debt from investors such as Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue, and others.

Baron Capital marks up Swiggy’s valuation to $15.1 Bn

EntrackrEntrackr · 1y ago
Baron Capital marks up Swiggy’s valuation to $15.1 Bn
Medial

US-based asset manager Baron Capital has marked up the valuation of Swiggy to $15.1 billion, according to regulatory filings with the US’ Securities and Exchange Commission (SEC). This is a nearly 25% jump in the company’s valuation from $12.1 billion estimated by Baron as of December 2023. Soon after Baron’s mark up, Swiggy’s early backer Invesco also increased its valuation to $12.7 billion in April. The development was first reported by ET. This comes at a time when Swiggy is gearing up for its initial public offering (IPO). The Bengaluru-based firm received shareholders’ nod to float its $1.25 billion IPO and it reportedly filed papers with SEBI via confidential route in May. Before filing IPO papers, Swiggy was pitching a pre-IPO deal to high net-worth individuals (HNIs) to buy its shares at a 20% discount. Entrackr exclusively reported the development. Swiggy recorded Rs 5,476 crore in revenue from operations and Rs 1,600 crore loss during the first three quarters of the financial year FY24. Entrackr had exclusively reported financial numbers and secondary pitch by the company in April. In FY23, its revenue stood at Rs 8,265 crore in FY23 whereas its losses soared to Rs 4,179 crore. Besides Swiggy, Pine Labs, Meesho, FirstCry and Ola Electric also saw markups in their valuation in the last six months. Swiggy’s arch rival Zomato is currently valued at $18.7 billion, as per stock exchange data. The latter recently hit a market cap of $21 billion. Meanwhile, Baron has marked down edtech company Byju’s valuation to only $24 million as of March 2024. Earlier, BlackRock had already slashed the company’s valuation to $1 billion from $22 billion in early 2022.

Exclusive: BharatPe set to raise $80-100 Mn pre-IPO round led by Coatue

EntrackrEntrackr · 1m ago
Exclusive: BharatPe set to raise $80-100 Mn pre-IPO round led by Coatue
Medial

Exclusive: BharatPe set to raise $80-100 Mn pre-IPO round led by Coatue BharatPe is in advanced talks to raise $80-$100 million in a pre-IPO round led by Coatue Management, according to two people aware of the matter. This equity funding marks the first such raise in four years for the Delhi-based fintech unicorn. “The round will also see participation from some new and existing investors. This is aimed at strengthening the company’s financial position and setting the stage for an eventual public listing,” said one of the sources, requesting anonymity as the talks are private. As per sources, the investment is being spearheaded by Coatue’s new partner Amit Mukherjee, who has been actively working with BharatPe’s management and board on IPO preparations. Last week, BharatPe’s CEO Nalin Negi also said that the firm will go for a pre-IPO round but ruled out a listing this fiscal (FY26). According to another source, the company wants to ensure consistent profitability before filing draft papers. BharatPe declined to comment on the story while queries sent to Coatue did not elicit an immediate response. BharatPe raised its last equity round in August 2021 when it also entered the unicorn club. It has raised over $650 million in equity and debt from the likes of Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital and others. BharatPe recently claimed that it turned profitable in FY25 with a profit before tax of Rs 6 crore (excluding ESOP costs) on revenues of Rs 1,800 crore. This marks a turnaround for the firm which had been loss-making for several years. The company already achieved a break-even at the EBITDA level (adjusting for employee stock options) during the first nine months of FY25 while its net losses declined to Rs 148.8 crore in the same period. In April, BharatPe’s subsidiary Resilient secured final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This makes BharatPe one of the few Indian fintech companies to hold an NBFC license (through Trillion Loans), a stake in a small finance bank (Unity SFB), and now a payment aggregator license. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here.

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