#Asia Singapore’s RB Investments, Kaleden invest up to US$5M in instantPay

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instantPay is a digital payments platform that aggregates a host of services and distributing them to consumers through a network of local stores and vendors

digital-payments

Delhi-based digital payments and financial services startup instantPay has secured between US$3 and US$5 million in pre-Series A round of funding, according to a report by The Economic Times.

The investment came from Singapore-based VC firms RB Investments and Kaleden Holdings.

The startup will use the capital for product development, geographical expansion, brand building and marketing.

“While we build this massive network, we are also enabling other products and services to be delivered via this distribution directly and efficiently,” said Sankalp Shangari, Co-founder of instantPay.

Also Read: With Alibaba in the horizon, who among Flipkart and Amazon will be the king of India’s e-commerce scene?

Started in 2010, instantPay is a digital payments platform that aggregates a host of services and distributing them to consumers through a network of local stores and vendors present across India. The services include all recharges (mobile, DTH, data card), bill payments (landline, internet, electricity, gas, insurance), travel bookings (bus and flight tickets) and basic banking (domestic remittance, loan applications).

At present, it has a network of 62,000-plus outlets across the country, accepting collections for the leading telcos and direct to home service providers. These products and services are distributed through over 400 corporate strategic alliances and through a nationwide network of micro merchants.

instantPay claims it processes around 10 million transactions per month.

The startup mainly competes with Alibaba-backed Paytm and Mediatek-funded MobiKwik

Image Credit: rostislavsedlacek / 123RF Stock Photo

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