Sequoia Capital India, GFC backs 1-click payment checkout startup Nimbbl with $3.5M funding

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By Webdesk


Nimbbl, an Indian start-up looking to improve conversion for merchants with its 1-click payment solution, has raised $3.5M in seed funding and pre-Series A rounds from Sequoia Capital India, Global Founders Capital (GFC), financial service provider platform Groww and a list of angel investors, the startup said Tuesday.

The Mumbai-based startup offers a 1-click checkout solution with a list of payment methods, including several Buy Now Pay Later (BNPL) options and the Indian government-backed Unified Payment Interface (UPI). Nimbbl personalizes the experience for customers by showing them payment methods that are relevant to them – rather than filling every solution on earth.

Former Citrus Pay and PayU executives Anurag Pandey and Amit Bansal founded Nimbbl in October 2020. The duo came up with the idea by chance while working at Indian fintech startup Safexpay after leaving Citrus Pay and PayU, Pandey told in an interview to TechCrunch.

“We felt that this problem had to be solved from scratch and that we had to suppress thinking about how to solve it,” Pandey said.

By personalizing the payment experience for customers, payment initiations on Nimbbl increase by about 40%, translating into a 6-8% increase in sales for merchants, he said.

Sure, different payment aggregators offer their own checkout experiences for merchants to deploy. But those tend not to solve the payment initiation problem, nor do they remove the friction customers face in restricting the relevant payment instruments, he said. In some cases, the payment solutions offered by aggregators also have limited options for payment methods and not the modern ones, such as UPI and BNPL, that digitally savvy customers often look for when completing their transactions.

Likewise, commerce platforms like Shopify offer their 1-click checkout solutions in markets including the US, but those offers are not available to their Indian customers.

Nimbbl’s solution can be integrated into a website, mobile app, or commerce platform such as Woo Commerce, Magento, or Shopify.

Since launching, Nimbbl has attracted more than 4,000 merchants to use its payment solution. His clients include Indian airline Go First, audio equipment maker Skullcandy and cruise ship Cordelia Cruises.

To date, Nimbbl has generated approximately $240 million in total payment volume in the financial year 2022-23 and clocks in between $970 million and $1.2 billion in 2023-24, with 20,000 merchants. The startup has a team of 37 people spread across Mumbai, New Delhi and Bengaluru.

According to data presented by the Indian government in parliament last month, digital transactions in the country experienced an increase of almost 54%, from $238 million in value in 2017-18 to $367 million in financial year 2021- 22. This growth is expected to continue given India’s ongoing digital transformation.

Nimbbl’s success in the last year and a half of its debut has also helped bring Palo Alto-based angel collective Amara VC and renowned Indian internet entrepreneurs and executives such as CRED founder Kunal Shah, Pine Labs CEO Amrish Rau and Jupiter founder Jitendra Gupta to participate in the financing rounds for all shares.

Pandey said Nimbbl will use the money to scale up the system and invest in the sell side.



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