Today In Payments Around The World: Britain Reveals Fund To Assist SMEs; Indian Digital Grocer Grofers Considers Going Public Via SPAC
In today’s top payments news around the world, the U.K. government has created a fund to help small to medium-sized enterprises (SMEs) navigate Brexit, while Indian grocery company Grofers is looking at going public by merging with a special purpose acquisition company (SPAC). Plus, Indian lending and online payments upstart BharatPe has raised $108 million in a Series D funding round.
The British government has formed a fund of 20 million pounds (approximately $27.6 million) to help SMEs work through Brexit’s new trading rules. The SME Brexit Support Fund seeks to help smaller companies as they acclimate to shifts in rules of origin, customs and VAT rules for trade inside the EU. “The Government has listened carefully to the issues raised by the business community through the Brexit Business Taskforce and that’s why we are bringing forward this financial support,” Chancellor of the Duchy of Lancaster Michael Gove said in an announcement.
Grofers is looking at taking itself public in the United States by combining with a SPAC. According to unnamed sources in a published report, the SoftBank Vision Fund-backed supermarket company is working with an adviser. The company’s website claims to be the “largest low-price online supermarket” in India. It lets shoppers order items throughout areas such as seafood, meats, pet care, baby care, household care, beauty and wellness, vegetables and grocery. The platform services 27 municipalities, with the inclusion of Hyderabad, Pune, Mumbai and Delhi.
BharatPe landed $108 million in a Coatue Management-led Series D funding round at a $900 million valuation. Returning backers Sequoia Capital, Amplo, Beenext, Steadview Capital, Insight Partners and Ribbit Capital also took part in the round. The New Delhi payments company landed $75 million in Series C round in February of last year. “The team is committed to make money for all stakeholders — investors, lenders, borrowers, employees and banks,” BharatPe Co-Founder and Chief Executive Officer Ashneer Grover said in an announcement.