Delhi-based digital payments and financial services startup instantPay has secured between US$3 and US$5 million in pre-Series A round of funding.
The investment came from Singapore-based VC firms RB Investments and Kaleden Holdings.
InstantPay will use the capital to further enhance its technology platform, broaden its portfolio of consumer service offerings and aggressively expand its market presence in neighborhood stores across India
“While we build this massive network, we are also enabling other products and services to be delivered via this distribution directly and efficiently,” said Sankalp Shangari, Co-founder of instantPay.
Started in 2012, instantPay is a digital payments platform that aggregates a host of services and distributing them to consumers through a network of local stores and vendors present across India. The services include all recharges (mobile, DTH, data card), bill payments (landline, internet, electricity, gas, insurance), travel bookings (bus and flight tickets) and basic banking (domestic remittance, loan applications).
At present, it has a network of 62,000-plus outlets across the country, accepting collections for the leading telcos and direct to home service providers. These products and services are distributed through over 400 corporate strategic alliances and through a nationwide network of micro merchants.
instantPay claims it processes around 10 million transactions per month.
Gurinder Singh, Director, Kaleden, said, “It is rare to find a small company that has remained cash positive in this industry. It is a changing time in India and we believe that instantPay has the right people, technology and innovative product suite to assist the Indian people meet the changing environment in the best possible way.”
Harshavardhan Bothra, Director of RB Investments, said: “I believe InstantPay has mitigated risks associated with launching new products and have not seen any unfortunate incidents that others have in the past year. Furthermore, they are CISA certified and always keep cyber security as a priority.”