NIMBBL HAS RAISED $ 3.5 MILLIONS DOLLER BY SEQUOIA, GROWW

By Mahenoor Khan    -   April 9, 2023

DATE OF ANNOUNCEMENT:

29 March 2023

COMPANY'S LEGAL NAME: BIGITAL TECHNOLOGIES PRIVATE LIMITED

FOUNDERS

Nimbbl Founders are Amit Bansal, Co-Founder Anurag Pandey, Co-Founder, Both of them are seasoned payments and fintech professionals and have worked in sales and product leadership roles respectively at India's top fintech companies.

FUNDING TILL DATE: $5.13  mn USD

TYPES OF FUNDING:Seed Round

VALUATION : Not disclosed

INVESTORS:  

Nimbbl has 8 investors including Groww And Kunal Shah and it’s recent investors includes Sequoia Capital India, Global Founders Capital (GFC) and stock brokerage firm Groww.

COMPANY BUSINESS:

• Nimbbl focuses on growing your business with a one-click checkout experience. Get access to leading BNPL, UPI providers with pre-built integration with multiple payment gateway aggregators.
• Nimbbl is the future of One-Click Checkout Payments.
• It targets Payment failures and poor customer experience are key concerns for businesses across categories.
• It Brings a fresh perspective to the payment process; enabling a better experience at scale with higher conversions for businesses.
•  All this with a unified integration covering multiple payment methods and providers.
• Their payment solutions are not just limited to large businesses; it includes FinancialInstitutions , BNP Provider and E-commerce players.
•  It also helps merchants send out payment links and ecommerce plugins such as Shopify and Woocommerce among others.
• The company has processed a TPV of Rs 2,000 crore so far in the current fiscal year (FY23).
• The startup said 4,000 merchants were using its platform, including Go First airline, direct to consumer brands like Skullcandy, Upkarma and Kapiva.
• It plans to scale this up to around 20,000 merchants by the end of the next fiscal year (FY24).

COMPANY'S VIEW:  

Anurag Pandey Co-Founder at Nimbbl said “With the new raise, we will look to scale the total payment value (TPV) processed on the platform to Rs 8,000 - Rs 10,000 crore. The plan is also to do certain things around the affordability and multi-currency side of the business,” Pandey added . “With the current regulatory changes, merchants want to safeguard themselves and have multiple (payment) pipes available to them, rather than having partnerships with one entity.”

Amit Bansal Co-Founder at Nimbbl said With us, merchants of all sizes get an ecosystem to manage payments, offers, payment aggregators, and settlements through one dashboard. They instantly get the payment operations capabilities that typically only a few enterprise merchants could afford in the past,”

PURPOSE OF FUNDING :

The latest funding will be used to scale up its platform and go deeper into its affordability and multi-currency payment offerings and further to hire across sales and technology functions,

COMPETITORS:

Its competitors include PayPal , GoCardless, Payoneer, Stripe Connect and Square Payments

 

Source:Economics times, crunchbase, Inc