Dabur, Havells promoter Sheela Foam and famous surgeon Naresh Trehan participated within the Sequence A spherical
RapiPay supplies agent-based fee 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 value INR 3,693 Cr in This fall 2020 until November
Fintech platform RapiPay has raised greater than INR 65 Cr ($9 Mn) in its Sequence A funding spherical from a number of buyers — shopper items big Dabur, Havells promoter Sheela Foam and famous surgeon Naresh Trehan.
Dalmia Bharat Group’s Puneet Dalmia, ORG Investments and vitality firm ACME additionally invested within the firm’s Sequence A spherical. It plans to make use of this funding to open up branches in main cities to supply numerous companies like international alternate, 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 fee options for companies. It gives companies corresponding to 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 units.
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 area contemplating the chance created post-Covid,” said Harsh Kumar Bhanwala, govt chairman of Capital India Finance. He additional added that Dr. Trhan was the primary investor to speculate 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 each day transactions. It claims that its transactions have elevated by greater than 40x within the final one yr from INR 74 Cr through the fourth quarter of 2019 to INR 3,693 Cr throughout 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 shoppers, particularly the marginalized inhabitants positioned in Tier I, II and rural areas.
“Now we have been in a position to set up over 25,000 units inside a month of its launch. RapiPay Micro ATMs are revolutionary compared to the traditional ATMs and gives utmost ease to the shoppers enabling them to withdraw money and do different comparable banking actions at any RapiPay Saathi retailer with out having to journey kilometres in the hunt for an ATM,” RapiPay MD & CEO Kashyap stated.
