Mumbai-headquartered payment checkout solutions startup Nimbbl announced that it closed a combined seed and a pre-Series A funding round worth USD 3.5 million from financial service platform Groww, Sequoia Capital India, and Global Founders Capital (GFC).
Angle investors like Kunal Shah (CRED), Amrish Rau (Pine Labs), Jitendra Gupta (Jupiter) and Prajit Nanu (Nium), along with Palo Alto-based angel collective Amara VC, also participated in the rounds.
Nimbbl, founded in 2020 by former Citrus Pay and PayU executives Amit Bansal and Anurag Pandey, offers a one-click checkout solution to retailers on a variety of payment options, including UPI apps, Buy Now Pay Later (BNPL), netbanking, wallets, and EMI.
BNPL has partnerships with Lazypay, Pay with CRED, Ola Postpaid, and Pay Later by ICICI.
The startup said that it will use the fresh capital to reinforce its proposition of easing trade by expanding its product and go-to-market capabilities, with teams in Mumbai, New Delhi, and Bengaluru.
Merchants are provided with a dashboard where they can manage their payment operations, including refunds, settlements, and more, in addition to integrating with multiple gateways such as Cashfree, PayU, and Razorpay.
The startup said in a statement that the idea is to reduce payment failures, checkout abandonment, and subsequent falls in costs for merchants.It launched a product in September 2021 and since then the Mumbai-based startup claims to have onboarded over 4,000 online merchants in sectors such as direct-to-consumer (D2C), airlines, and utilities as clients and processed payments accounting for over Rs 2,000 crore in FY22. The payment-checkout firm takes a charge per transaction besides a minimal monthly fee from merchants.