Nimbbl has secured $3.5 Mn across its Seed and Pre-Series A funding rounds from Groww, Sequoia Capital India and Global Founders Capital
Amara VC, CRED founder Kunal Shah, Pine Labs CEO Amrish Rau, Jupiter founder Jitendra Gupta among others also participated in the funding round
Nimbbl plans to deploy funds to strengthen its product offerings and go-to-market capabilities
Other investors including Palo Alto-based Amara VC, CRED founder Kunal Shah, Pine Labs CEO Amrish Rau, Jupiter founder Jitendra Gupta, Nium founder Prajit Nanu and former senior executive of Mswipe Srinivas Rao also participated in the funding round.
Nimbbl plans to deploy funds to strengthen its product offerings and go-to-market capabilities.
Founded in 2020 by Anurag Pandey and Amit Bansal, the Mumbai-based fintech startup primarily offers digital payment solutions such as BNPL services, one-click checkout payments and aggregates multiple payment gateways to online merchants. The founders had previously worked with Citrus Pay and PayU before starting Nimbbl.
The startup also generates no-code payment links, custom payment pages and offers plug-in solutions for online merchants that are using ecommerce platforms such as Shopify, WooCommerce, OpenCart and Magento.
“Our technology enables merchants to personalise the checkout experience for their consumers resulting in 40% higher payment initiations. This translates to over 6-8% increase in revenues. With the new raise, we aim to increase this number as it gives us the ability to go deeper into problems we have already identified,” said Anurag Pandey, cofounder of Nimbbl.
The startup aims to empower online businesses to efficiently conduct businesses by helping them increase customer conversions, grow revenue while reducing expenses.
According to a BCG report, India’s digital payments segment was pegged at $3 Tn and is likely to become a $10 Tn space by 2026. Out of the $10 Tn space, B2B payments and consumer payments, to the government as well as merchants, will contribute about 40-45% of the total volume.
The startup claims to have delivered services to more than 4,000 merchants. It is currently operating offices in Mumbai, New Delhi and Bengaluru.
In the fintech SaaS, it competes with the likes of Mintoak, Lentra and FinBox, among others.
As per an Inc42 report, the country’s fintech market will reach $1.3 Tn market opportunity by 2025. Fintech SaaS, which is a sub-segment of the fintech industry, is expected to grow at a CAGR of 40% during 2021-25 to have a market opportunity of $12.6 Bn.