Chillr App Gets A Cool $6 Mn Backing From Sequoia

Chillr App Gets A Cool $6 Mn Backing From Sequoia

As FinTech startups are fast gaining traction, many investors are shifting their focus on them. The most recent case being the VC firm Sequoia investing $6 Mn in Backwater Technologies, the startup behind Chillr app, in a Series A funding round. The app allows users to transfer money to their contacts in their phonebooks. The round is not closed yet and there will be other investors joining in the next few weeks.

Mumbai-based Backwater Technologies will use the fund for customer acquisition, technology upgradation and strengthening the team. . It has already tied up with HDFC Bank, Bank of Baroda and plans to partner with 15 more banks by the year end

“We have crossed four lakh transactions since Chillr’s beta launch in February 2015 and customer feedback has been amazing. Unlike wallets, which reduce the number of times users have to enter bank/card details, Chillr is probably the only app that simplifies payments end-to-end and eliminates the need of entering these details. We have witnessed that average peer-to-peer transaction value is close to INR 1000 and most users recharge their mobiles three or more times in a month. This proves that users are preferring to use digital money and the capital infusion will help us enhance our offerings and achieve the vision of enabling a digital economy,” said Sony Joy, cofounder and CEO of Chillr.

Chillr currently, registers over 5000 transactions worth $76000 a day and is aims to achieve 1 lakh transactions per day by end of this year. It already has 3.5 lakh installs, with 2 lakh customers who have linked their bank accounts to the app in order to facilitate transactions. It ensures that all transactions are authenticated by a 4-digit MPIN issued by the bank. From peer-to-peer transfers to bill payments and mobile recharges, the company now aims to tie up with 30,000 merchants, by the end of March 2016.

The company had previously raised $1 Mn from MobMe Wireless – it’s parent company, and plans to raise about $1.5 Mn in another round soon. Currently, the team size is 70 and the company plans to bring this number up to 150 by the end of current fiscal year.

Momoe is another P2P mobile payments startup that raised$1.2 Mn in seed funding in a round co-led by IDG Ventures India and Jungle Ventures. Mumbai-based India Quotient also participated in this round. The app enables people to make payments using their mobile phones while eating out, shopping or commuting.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Chillr App Gets A Cool $6 Mn Backing From Sequoia-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Chillr App Gets A Cool $6 Mn Backing From Sequoia-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Chillr App Gets A Cool $6 Mn Backing From Sequoia-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Chillr App Gets A Cool $6 Mn Backing From Sequoia-Inc42 Media
Chillr App Gets A Cool $6 Mn Backing From Sequoia-Inc42 Media
You’re in Good company