Indian mobile payments and financial services startup instantPay has raised about $5m in a pre-Series A round of funding.
The capital comes from Singapore-based VC firms RB Investments and Kaleden Holdings.
Based in Delhi, the company was founded in 2012 and as well as a digital payments platform offers users a host of additional financial services.
These include recharge services for mobile phones and data cards, bill payments, travel booking and basic banking services such as local remittances and loan applications.
instantPay works with a network of more than 62,000 local outlets around the country, which are able to accept collections for telecos and service providers.
As well as this network of small merchants the company is partnered with more than 400 corporate financial service providers.
The company claims it now processes more than 10m transactions each month.
InstantPay says it will use the new capital to bolster its technology platform as well as expand the range of services it offers users and grow its geographic presence around India.
Kaleden director Gurinder Singh said, “It is rare to find a small company that has remained cash positive in this industry.
“It is a changing time in India and we believe that instantPay has the right people, technology and innovative product suite to assist the Indian people meet the changing environment in the best possible way.”
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