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The Mumbai-based digital payments company raised the amount from investors including IDFC Spice Fund and Micromax Informatics, with Nirvana and Faering Capital participating.
Several factors are fueling demand for digital payments in India, including the rapid growth of its e-commerce industry and the increasing accessibility of smartphones. The country’s credit card penetration rate is still very low, however, which means companies need to help consumers find alternative ways of making online payments.
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