Tiger Global would be investing $100 million in BharatPe with participation from exiting investors such as Amplo, Beenext, Insight Partners, Sequoia Capital and Steadview Capital and many more.

Tiger Global Management is also keen to lead a $350 million round investment in BharatPe for a valuation of more than $2 billion, which would transform the fintech startup India’s latest unicorn.

Tiger Global itself would invest $100 million along with exiting investors such as Amplo, Beenext, Insight Partners, Sequoia Capital and Steadview Capital, among others. However, the discussion is going on at an “advanced” stage and the investment round is expected soon.

The development comes ahead of the company’s plans with Centrum Group to take over the troubled Punjab and Maharashtra Co-operative (PMC) Bank, the report added.

The move was approved by the Reserve Bank of India (RBI) in June under on-tap licensing norms. BharatPe and Centrum will infuse up to Rs.2,224 crore ($250-300 million) in the bank in PMC Bank over the next two years.

The “in-principle” approval has been accorded in specific pursuance to Centrum Financial Services Limited’s offer dated February 1, in response to the Expression of Interest notification dated November 3, 2020, published by the PMC Bank, the RBI said.

The approval is under the general “Guidelines for ‘on tap’ licensing of Small Finance Banks in the Private Sector” dated December 5, 2019, the RBI said.

In March 2020, PMC Bank had total deposits of Rs.10,727.12 crore, total advances of Rs.4,472.78 crore and gross NPA of Rs.3,518.89 crore. The share capital of the bank is Rs.292.94 crore. The bank registered a net loss of Rs.6,835 crore during 2019-20 and has a negative net worth of Rs.5,850.61 crore. The RBI superseded PMC Bank board in September 2019.

Prior to that in February, BharatPe had obtained around $108 million in a Series D primary and secondary equity round led by Coatue Management for valuation of $900 million.