Singapore and India-based payment gateway startup Telr, has raised $3 million in Series B funding from Innovations East fund. The startup plans to deploy this fund to further enhance the backend technology and its core products. The fund will be also used to build new products such as web store builder and short-term lending and scale up operations, especially in India and other emerging markets.
Commenting on the latest round of funding raising and its future plan, Sirish Kumar, CEO and co-founder of Telr said, “The infusion of funds in the Series B round would help Telr to not only strengthen its core offering but also innovate around payment methods. Furthermore, while we focus on deeper penetration in the UAE, India, Saudi Arabia, Egypt and Indonesia, the funds will facilitate our continued expansion to other emerging markets.”
Including the latest round, the company so far raised about Rs. 66.5 crore. In its earlier investments, Hatcher and iMena Holdings have also participated.
Telr was co-founded in 2013 by ex-PayPal executives Sirish Kumar and Elias Ghanem with an aim to revolutionize the payment gateway industry with a focus on the Middle East and throughout Asia. In its current offerings, the company provides a set of unified APIs and tools enabling all kind of businesses to accept and manage their online payments via web and mobile.
The company claims to facilitate transactions worth over USD 500 million annually and expects to touch USD 1 billion by the end of 2017.
The payment gateway market is mostly occupied in India and Telr has to compete with some of the well-funded startups such as PayU, PayTM, CCAvenu, MobiKwik.