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New Delhi, India based digital payments and financial services startup Instapay has raised an undisclosed amount of pre-Series A funding led by RB Investments and Kaleden Holdings. While the precise amount of funding has not been disclosed, Instapay revealed that the amount is between $3-5m.
Sankalp Shangari, cofounder of instantPay, said that they are also enabling other products and services to be delivered via their distribution directly and efficiently. Gurinder Singh, managing director at Kaleden Holdings, said that “it is rare to find a small company that has remained cash positive in this industry”. The Delhi-based startup has more than 100 products and services and facilitates digital payments at kirana stores in tier-2 and 3 cities. It offers services including electronic mobile recharges, utility bill payments, insurance premium payments, travel bookings, domestic remittance, etc. The company’s products and services are distributed through more than 400 corporate strategic alliances and via nationwide network of micro merchants. The platform currently has over 62,000 merchants and targets to cross 1,20,000 merchants by March 2017.
http://thetechportal.com/2016/12/30/fin-tech-instantpay-funding/
