iStockMumbai: Fintech startup Easebuzz has raised $4 million as part of its Series A funding round led by 8i ventures, Varanium capital and Guild Capital. Amrish Rau and Jitendra Gupta, founders of Citrus Pay and now leading Pine Labs and Jupiter, respectively, also participated in the financing.
This is the first funding round for Easebuzz, which has been bootstrapped and profitable for the past three years. Vertices Partners represented Easebuzz as legal advisers for the transaction.
The current round of funding will be used to strengthen the product team, enhance sales and marketing efforts and offer more payment application programming interfaces (APIs) and solutions for small and mid-sized enterprises, said the company.
Incubated by Symbiosis Center for Entrepreneurship and Innovation in 2017, Easebuzz is a payments infra company that provides digital collections and payments in India. The company claims its revenue and gross transaction value grew 12 times last year. It currently processes nearly $3 billion worth of transactions per year and expects to hit a $10 billion annual run-rate in the coming year.
This is the first funding round for Easebuzz, which has been bootstrapped and profitable for the past three years. Vertices Partners represented Easebuzz as legal advisers for the transaction.
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The current round of funding will be used to strengthen the product team, enhance sales and marketing efforts and offer more payment application programming interfaces (APIs) and solutions for small and mid-sized enterprises, said the company.
Incubated by Symbiosis Center for Entrepreneurship and Innovation in 2017, Easebuzz is a payments infra company that provides digital collections and payments in India. The company claims its revenue and gross transaction value grew 12 times last year. It currently processes nearly $3 billion worth of transactions per year and expects to hit a $10 billion annual run-rate in the coming year.