Easebuzz, an India-based startup, has recently raised $4 billion in funding. It is a payment-based startup located in Mumbai. The seed funding rounds were led by Varanium Capital, 8i Ventures, and Guild capitals.
Former Citrus Pay founders Amrish Rau and Jitendra Gupta also took part in the cycle. According to the company, the new funding will strengthen the product team, improve sales and marketing efforts and provide an interface-based programming interface (APIs) to small and medium-sized businesses.
“From the beginning, our DNA product was designed to eliminate conflict throughout the Indian SME collection. This set of concepts allowed us to emerge as the most popular payment partner today for our MSME customers. This current financial cycle will help us accelerate our goal of generating digital collections and payments for all retail businesses in India, “said Rohit Prasad, managing director of Easebuzz.
Three-year-old Easebuzz provides payment infrastructure that enables digital collection and payments for small and medium Indian businesses (SMEs). Last year, the company claimed to have seen its revenue and the number of transactions on its platform grow 12 times.
“We are encouraged and happy to be the first institutional organization investors at Easebuzz with Varanium Capital and the prestigious Guild Capital. India’s $ 800B shopping mall is hyper-digital, and Easebuzz is the best-paid player to take advantage of this enormous market opportunity. Easebuzz is now looking to create a new service plan around remittances and SME collections in its area.
Unlike many companies growing in the growth phase, Easebuzz has been profitable in the last two investments. For the financial year ending March 2020, the company reported operating revenue of Rs 9.5 crore, an increase of 78% from FY19. During the financial year, its cost increased by 73.15% to Rs 8.9 crore instead of Rs 5.14 crore in FY19.