Dabur, Havells promoter Sheela Foam and famous surgeon Naresh Trehan participated within the Collection A spherical
RapiPay supplies agent-based cost options for companies and plans to deploy 5 lakh micro ATMS within the nation over the following two years
RapiPay claims to have recorded transactions price INR 3,693 Cr in This fall 2020 until November
Fintech platform RapiPay has raised greater than INR 65 Cr ($9 Mn) in its Collection A funding spherical from a number of traders — client items big Dabur, Havells promoter Sheela Foam and famous surgeon Naresh Trehan.
Dalmia Bharat Group’s Puneet Dalmia, ORG Investments and power firm ACME additionally invested within the firm’s Collection A spherical. It plans to make use of this funding to open up branches in main cities to supply numerous providers like international change, abroad remittances, multicurrency pay as you go foreign exchange journey card, and abroad journey insurance coverage.
Based in 2009 by Yogendra Kashyap, RapiPay supplies agent-based cost options for companies. It provides providers reminiscent of cellular recharge, DTH recharge, cash switch, invoice funds, money withdrawal, AEPS, and extra. It additionally supplies an app to brokers that’s accessible on Android gadgets.
Previous to this, RapiPay has raised funding from micro, small and medium enterprises lender Capital India Finance. “Even non-finance entities are exhibiting curiosity within the digital house contemplating the chance created post-Covid,” said Harsh Kumar Bhanwala, government chairman of Capital India Finance. He additional added that Dr. Trhan was the primary investor to take a position into the enterprise mannequin of RapPay.
The corporate presently has about 1.25 Lakh saathis or brokers on board throughout 12K places. In response to the corporate’s web site, it famous about 3.50 Lakh day by day transactions. It claims that its transactions have elevated by greater than 40x within the final one 12 months from INR 74 Cr through the fourth quarter of 2019 to INR 3,693 Cr inside the first two months of This fall 2020.
In September, RapiPay announced its plans to deploy 5 lakh micro ATMs within the nation over the following two years. It believes that micro ATMs can be a game-changer for Indian customers, particularly the marginalized inhabitants situated in Tier I, II and rural areas.
“Now we have been capable of set up over 25,000 gadgets inside a month of its launch. RapiPay Micro ATMs are revolutionary compared to the standard ATMs and provides utmost ease to the customers enabling them to withdraw money and do different comparable banking actions at any RapiPay Saathi retailer with out having to journey kilometres seeking an ATM,” RapiPay MD & CEO Kashyap mentioned.