3 top Indian FinTech funding rounds in August 2021

By Leandra Monteiro

According to KPMG’s Pulse of Fintech, a bi-annual report on the FinTech industry, India’s FinTech sector received $2 billion in investment in the first half of 2021. Digital banking has played a huge role in India. With a number of Indian start-ups receiving funding in this month.

Below are 3 FinTechs that underwent funding rounds in the month of August:

BharatPe: BharatPe has raised US$ 370 million in Series E equity round, at a post-money valuation of US$ 2.85 bn. The primary component of the round is US$ 350 Mn and secondary component of US$ 20 Mn. All employees holding vested ESOPs have been given full liquidity in the secondary.

The round, led by Tiger Global, also saw new participation from Dragoneer Investment Group and Steadfast Capital. Five out of the seven existing institutional investors participated in the round – namely Coatue Management, Insight Partners, Sequoia Growth, Ribbit Capital and Amplo. BharatPe is now amongst the Top 5 most valued FinTech start-ups in India, and has one of the strongest cap tables for any start-up in India.

Jupiter: An Indian neobank for consumers founded by Jitendra Gupta, Jupiter has raised $45 million in a new financing round as the Bangalore and Mumbai-based start-up sets up its platform’s public launch in a months’ time. With the latest funding round the company’s value has risen above the $300 million mark.

The funding round was led by Brazil-based Nubank Global Founders Capital and saw the participation by Sequoia Capital and Matrix Partners and Mirae Assets Venture in addition to all existing investors, including Addition Ventures, Tanglin VC, Greyhound, 314 Capital and Beenext.

Zeni: AI-powered finance concierge Zeni raised $34 million in a Series B funding round led by Elevation Capital with participation from new investors Think Investments and Neeraj Arora. Zeni has seen 550% revenue growth year-over-year driven exclusively by referrals and organic growth. Existing investors Saama Capital, Amit Singhal, Sierra Ventures, Twin Ventures, Dragon Capital and Liquid 2 Ventures also participated in the round.

Zeni will use the capital infusion to bring its intelligent bookkeeping and accounting platform and services to more customers by investing aggressively in its team in the U.S. and India across product, technology, marketing, sales and finance operations.

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