Gurgaon-based fintech start-up, Trupay has raised Rs 4.5 crore from a clutch of investors between February and May this year.
As per the Registrar of Companies (RoC) filings, the company had raised Rs 3.85 crore ($599,000) through a mix of equity and preferential shares from a group of investors in a round led by Kae Capital in February. Existing investor M&S Partners Pte Ltd, a Singapore-based venture capital firm that invests in early stage Southeast Asian companies have also participated in this round.
In another round in May, the company has raised Rs 64.58 lakh from Israeli-American entrepreneur Alex Mashinsky who is also the founder and managing partner of Governing Dynamics Fund, a New York-based early stage venture capital firm.
Founded by Narendar Kumar, Rahul Gochhwal and Vivek Lohcheb in 2015, Trupay initially provided a peer-to-peer (P2P) payment platform that enabled users to send and receive money directly from their bank account by linking the mobile number. Later, the company pivoted its business model into developing payment solutions that help merchants do away with the point of sale (POS) terminals.
The firm currently provides a plug-and-play payment platform that helps businesses transact with customers online or through mobile devices or in physical stores. The services is used by merchants in sectors including e-commerce, healthcare, entertainment, hospitality, retail, jewelry and food & beverages, among others. It aims to add around 1 lakh merchants to the platform by the end of this financial year.
The platform also enables UPI-enabled payments and payments by scanning a QR code. Last year the company had partnered with Yes Bank to offer a peer to peer payments application based on Unified Payment Interface (UPI).
The UPI follows the IMPS (Immediate Payment Service) structure of payments. IMPS transactions allow real-time 24×7 transfer of money between parties with the use of IFSC codes and MMID. Trupay also claims to be one of the first few companies in the country to offer IMPS-based mobile payments solution for cash on delivery (CoD) payments with its mobile app.
In seed round, the company had also raised around Rs 2.56 crore from a group of unnamed angel investors in 2016.