Digital payments startup InstantPay raises an undisclosed investment in their Pre Series A round from Singapore based RB Investment and Kaleden Holdings. ET reported the undisclosed amount to be in between $3 and $ 5 million. The funding will be used in the development of new products, marketing, and expansion in terms of geography reach.
InstantPay is part of SMSdaak India Limited, incorporated in2010. SMSdaak is a fast growing provider of electronic payment and transaction processing systems to service providers, financial institutions, distributors, retailers and individuals. They are claiming to have 50,000+ outlets across districts in India. Read How end of black money gives a push to online wallet startups.
InstantPay is founded by Shailendra Agarwal in 2013. This startup provides customers the power to make payments via digital of various service providers. From electricity bills to travel bookings, all can be done through this app. Demonetization can be one major reason for this startup’s funding. Startups in digital money business are going to see growth in business since Modi government is try to make this nation cash limited/free. Other players in this industry are Paytm, Mobiwiki, Freecharge and more.
The startup is going to turn profitable by this year end and is planning a 20% growth for next month revenue. Gurinder Singh, managing director at Kaleden Holdings says “It is rare to find a small company that has remained cash positive in this industry” . Read more about Indian Startups that got funded.