Fintech startup Trupay raises $700K from Kae Capital, others

Gurgaon-based Protinus Infotech Pvt. Ltd, which operates payment platform Trupay, has raised Rs 4.5 crore (around $700,000) from a clutch of investors including Kae Capital.

The company raised the funding in two tranches between February and May this year, according to its filings with the Registrar of Companies (RoC).

In February, the firm 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. The round also saw participation from existing investor M&S Partners Pte Ltd, a Singapore-based venture capital firm that invests in early stage Southeast Asian companies.

In another round in May, it raised Rs 64.58 lakh from Israeli-American entrepreneur Alex Mashinsky who is also founder and managing partner of Governing Dynamics Fund, a New York-based early stage venture capital firm.

It is not clear whether this is part of a larger funding round.

Email queries sent to Trupay co-founder Narendar Kumar did not elicit a response.

According to the firm’s previous RoC filings, it had raised around Rs 2.56 crore (around $396,000) in 2016 from group of unnamed angel investors.

Trupay was founded in 2015 by Kumar and IIM Calcutta alumnus Rahul Gochhwal and IIM Bangalore graduate Vivek Lohcheb.

The company 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, it pivoted its business model into developing payment solutions that help merchants do away with point of sale (POS) terminals.

The firm provides a plug-and-play payment platform that helps businesses transact with customers online or through mobile devices or in physical stores.

Once a merchant firm registers on the Trupay platform, it gets listed in the business directory on the app and customers can pay by just entering the merchant’s phone number. The platform also enables UPI-enabled payments and payments by scanning a QR code.

The company’s payment platform is used by merchants in sectors including e-commerce, healthcare, entertainment, hospitality, retail, jewellery and food & beverages, among others, according to its website. It aims to add around 1 lakh merchants to the platform by the end of this financial year.

Last month, Mumbai-based mobile point-of-sale services provider Mswipe Technologies Pvt. Ltd raised Rs 200 crore ($31 million) from Ratan Tata-led UC-RNT Fund, Matrix Partners and others.

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