Omni-channel payments platform, AirPay has raised INR 24 Cr ($3.67 Mn) in Series A round of funding led by the Kalaari Capital with participation of existing investors Rakesh Jhunjhunwala and Rajesh Jhunjhunwala.
The firm plans to use the freshly raised funds in building the sales and distribution team, technology development, and support infrastructure to quickly grow its enterprise customer base.
“The sheer complexity of instruments and channels for payments in India demands innovative one-stop solutions such as those offered by AirPay. We are very excited to partner with them, as they are well positioned to capitalise on India’s reformed push towards a cashless economy,” commented Rajesh Raju, MD, Kalaari Capital on the development.
AirPay, an omni-channel payments company that was founded in 2012 by Kunal Jhunjhunwala, Rohan Deshpande and Amit Kapoor provides enterprise SaaS (software as a service) solution to its clients, to process outbound payments to pay vendors (B2B) and accept inbound payments from consumers (C2B).
“It is heartening to note that AirPay has scaled its throughout 14x over the last year. We welcome Kalaari Capital as a visionary investor who can add significant value to AirPay,” Rakesh Jhunjhunwala said on the funding.
The company allows enterprises to accept payments from their clients across a variety of touch points – mobile, web, email, call center, IVR, SMS and face-to-face – through 100+ financial instruments.
The Mumbai-based firm caters to companies in education, hospitality, retail and banking verticals by allowing users to send and receive payment through debit and credit cards, mobile wallets and online banking.