Digital lending startup, ePayLater today said, it has raised an undisclosed amount in Pre-Series-A funding round led by ICICI Bank. The round also saw participation from GMO Global Fintech Fund along with family offices like Parekh and Patni and foreign investors from the UK.
With newly raised capital, the FinTech company plans to strengthen its product offerings as well as improve the technology architecture. The startup had earlier raised $2 million during its angel round of funding from HNIs in June 2016.
Commenting on the fundraising, the co-founders of ePayLater, said, “ePayLater continues to push the boundaries of innovation to bridge the credit divide in the country. Credit at the point of sale is a need of millions of customers across the country and ePayLater is working towards providing convenient digital solutions for the same.”
“We are indeed delighted that this esteemed group of investors has shown faith in our business model and have invested in our platform so that we can scale faster and fulfill our vision with greater agility,” they added.
Founded in 2015 by Aurko Bhattacharya, Prasannaa Muralidharan, Uday Somayajula, Shanmuhanathan Thiagaraja, and Akshat Saxena, ePaylater is a ‘Buy Now, Pay Later’ payment solution through which customers can instantly get access to credit to make faster online/offline purchases. Once signed up to the service, a customer can avail a credit limit upto Rs. 20,000.
The startup offers a 14-day interest-free payback period starting from the date of purchase. Customers can access ePayLater at merchants where ePayLater is integrated directly and also at merchants (both online and offline) through its award-winning UPI product. One can also use it to transact with merchants that accept UPI. Currently, ePayLater UPI can be used on Amazon, Flipkart, Jabong, Myntra and Uber among others.
The Mumbai-based startup claims to have over 3,000 merchants on-board which include IRCTC, PVR, Croma, Box8, Travelyaari, Ticketnew and others.