Payments Checkout Startup Nimbbl Raises $3.5 Million In Funding
Nimbbl, a Mumbai-headquartered payment checkout solutions startup, has raised over $3.5 million in funding from Groww, Sequoia Capital India, and Global Founders Capital (GFC).
The funding round also saw participation from Palo Alto-based angel collective Amara VC, along with angel investors like Kunal Shah (CRED), Jitendra Gupta (Jupiter), Prajit Nanu (Nium), Amrish Rau (Pine Labs), and former senior Mswipe executive Srinivas Rao.
As per the startup, the freshly raised funds will be used to strengthen its proposition of facilitating commerce through growing its product and go-to-market capabilities.
Nimbbl | 1-click Checkout
Founded by former Citrus Pay and PayU executives Amit Bansal and Anurag Pandey in 2020, Nimbbl is a BNPL-powered 1-click checkout solution to improve conversion for online commerce merchants.
It provides a one-click checkout solution on multiple payment methods, including UPI apps, Buy Now Pay Later (BNPL), net banking, wallets, and EMI to merchants.
Speaking about the development, Anurag Pandey, Co-founder of Nimbbl, said,
“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.”
For BNPL, the Mumbai-based startup tied up with Lazypay, Pay with CRED, Ola Postpaid, and Pay Later by ICICI. Besides integrating with multiple gateways like PayU, Razorpay and Cashfree, merchants are offered a dashboard to manage their payment operations, including refunds, settlements, and more.
As per Anurag, the startup aims to touch 20,000 merchants and process over Rs 10,000 crore transactions in FY24. Currently, the firm claims to be the only one offering a multiple payment service provider (PSP) infrastructure to merchants.
Since its product launch in September 2021, Nimbbl claims to have onboarded over 4,000 online merchants in sectors like direct-to-consumer (D2C), airlines, and utilities as clients and processed payments worth over Rs 2,000 crore in FY22.
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