In a surprise move that’s creating buzz in India’s fintech circles, BharatPe has recorded its first secondary share sale since 2021. A group of Gujarat-based family offices has snapped up a 2.6% stake in the company, valuing the transaction at around Rs 179 crore.
This deal marks a rare liquidity event for the New Delhi-headquartered fintech, which has been busy restructuring after messy governance battles and preparing for a much-anticipated IPO in FY27.
The Deal: Who Bought What
According to reports, three Gujarat family offices bought the stake from Finix Partners, the investment firm founded by BharatPe’s cofounder Bhavik Koladiya.
Here’s the breakdown:
- Ambition Investment Trust – 1,700 shares
- Cayroz 360One – 1,473 shares
- Twinroots LLP – 1,232 shares
Together, they acquired 4,405 shares at Rs 4.06 lakh per share, pegging the deal at Rs 179 crore.
Koladiya’s Finix Partners offloaded the shares from its 27,241-shareholding, cutting its position slightly while still holding a significant stake.
Why This Secondary Sale Matters
For a company like BharatPe, which hasn’t seen a secondary sale in over three years, this is a big deal.
- It gives early investors and insiders a chance to book returns.
- It shows renewed investor confidence despite BharatPe’s messy past.
- It provides fresh momentum as the company eyes a public listing.
Liquidity events like these are rare in India’s late-stage startup ecosystem, making this move a strong signal of BharatPe’s stability.
A Company Rebuilding After Turmoil
BharatPe has been through its share of boardroom drama. Its governance struggles involved cofounders Ashneer Grover, Bhavik Koladiya, Shashvat Nakrani, and Madhuri Jain Grover.
But under the leadership of CEO Nalin Negi, the company has been on a course correction path.
Recent leadership hires include:
- Rajesh C as Head of Finance
- Himanshu Nazkani as Head of Investments
These moves are part of BharatPe’s effort to rebuild credibility, tighten governance, and gear up for its IPO.
The Road to IPO
BharatPe has set its sights on an IPO by FY27. But before hitting Dalal Street, the company wants to hit key milestones.
- Profitability: Negi announced that BharatPe expects to achieve full-year EBITDA profitability in FY25.
- Fundraising: Reports suggest BharatPe is in talks to raise $80–100 million in a pre-IPO round.
- Timeline: The IPO window is expected to open within 18 to 24 months, once profitability and growth metrics stabilize.
This secondary sale could be the first step in building confidence among institutional and retail investors who may eye the company’s IPO.
BharatPe’s Financial Performance
The fintech has shown solid recovery and growth:
- Revenue in FY25: Rs 1,667 crore (up from Rs 1,426 crore in FY24)
- Profit before tax (FY25): Rs 6 crore (excluding ESOP costs)
- Previous year (FY24): Net loss of Rs 342 crore
This turnaround — from heavy losses to profitability — is exactly what investors want to see before a listing.
What BharatPe Does
For those new to the story, BharatPe is one of India’s leading fintech platforms serving merchants and small businesses.
- It runs its own NBFC – Trillion Loans.
- It also partners with eight other NBFCs to expand lending.
- It has raised over $650 million in equity and debt from heavyweight global investors like Tiger Global, Dragoneer, Steadfast Capital, Coatue Management, and Ribbit Capital.
By combining payments, lending, and merchant services, BharatPe has become a critical player in India’s digital economy.
Why Gujarat Family Offices Are Betting Big
The fact that family offices from Gujarat have shown interest is significant. Gujarat is known for its business-savvy investors who often back companies they see long-term potential in.
Their entry signals:
- Confidence in BharatPe’s turnaround story.
- A bet on the fintech’s IPO potential.
- Belief that BharatPe’s governance clean-up and profitability push will pay off.
Final Word
BharatPe’s first secondary sale since 2021 isn’t just about money changing hands. It’s about a company trying to prove it has turned the corner.
From governance scandals to profitability, from cofounder exits to IPO dreams — BharatPe has seen it all.
Now, with fresh investor backing, a stronger leadership team, and a clear IPO roadmap, BharatPe seems ready for its second innings.
Whether it can pull off a blockbuster IPO in FY27 will depend on its ability to sustain profitability and growth. But for now, this Rs 179 crore deal is proof that big investors are betting BharatPe’s best days are ahead.
