30 March 2023, Bangalore, India
A Mumbai-based fin-tech startup Nimbbl which provides payment checkout solutions, said that they raised a combined seed and a pre-series A funding round of $3.5 million dollar, from a financial platforms like Groww, Sequoia Capital India, and Global Founders Capital.
Palo Alto-based Amara VC and some angel investors like CRED founder Kunal Shah, Pine Labs CEO Amrish Rau, Jupiter founder Jitendra Gupta, Nium founder Prajit Nanu and former senior executive of Mswipe Srinivas Rao, participated in this funding round as well.
It was founded in the year 2020, by former executives of Citrus Pay and PayU Amit Bansal and Anurag Pandey. It provides one-click solution for multiple payment methods like UPI, Buys Now Pay Later, net banking, wallets, and EmI to merchants.
To improve their service in the Buy Now Pay Later mechanism, this startup has collaborated with Lazypay, Pay with CRED, Ola Postpaid, and Pay Later by ICICI.
Nimbbl is planning to use the money raised by this round to strengthen its proposition of commerce through developing their product and go-to-market capabilities.
The co-founder Anurag Pandey said “We aim to touch 20,000 merchants and process over Rs 10,000 crore transactions in FY24. Currently, we are the only one offering a multiple payment service provider (PSP) infrastructure to merchants,” and he also added, “Our technology enables merchants to personalise the checkout experience for their consumers resulting in 40% higher payment initiations. This translates to over 6-8% increase in revenues. With the new raise, we aim to increase this number as it gives us the ability to go deeper into problems we have already identified,”
This startup claims that since 2020, 4000 online merchants have joined them who works in D2C (Direct to Consumer) and airlines. It also claims that their have been over Rs.2000 Cr worth processed payments through their app.
It mainly focuses on reducing payment failures, checkout abandonment, and subsequent fall in costs for merchants. It charges a minimal monthly fee from the merchant as well as a charge per transaction.
Amit Bansal the other Co-founder of Nimbbl stated, “With us, merchants of all sizes get an ecosystem to manage payments, offers, payment aggregators, and settlements through one dashboard. They instantly get the payment operations capabilities that typically only a few enterprise merchants could afford in the past. Our offering allows them to get a ready-to-use robust payment system, removing the pain of searching, choosing, and integrating from the multiple options available.”
