The Silicon Review ^Asia

New Delhi-based Digital payments platform, BharatPe, has raised 50 million in its Series B Fundings, as it embarks to scale up its business in India.

The funding round was led by Ribbit Capital, an American venture capitalist and Steadview Capital, an England-based firm. Another slew of investors were existing Insight Partners, Sequoia Capital, and Beenext Capital.

In an interview with TechCrunch, Ashneer Grover, CEO and the co-founder of BharatPe said that the value of the company was $225 million after the new funding round.

He added that the company will use the fresh capital to include about 3.5 million merchants within a year. BharatPe adds 4 lakh new merchants under its belt with the help of its 2000 plus sales personnel. In addition, the remaining capitals will be used to finance the loans on the platform and develop fresh solutions.

People familiar with the matter said, two big players, Google and Amazon were also interested to invest in the Series B funding, but BhartPe’s founding team did not show strong interest on diluting their stakes especially in the wake of the company’s recent growth.

Mr. Grover added that the company’s merchant’s counts more than 1.5 million. The number of transactions that is varied out every month is 21 million; worth over $83 million.

The new funding is a big boost for the startup in terms of operations and sustainability.