Pune-based digital payments company Easebuzz has secured ₹240 crore ($30 million) in a funding round led by Bessemer Venture Partners. The round included ₹200 crore in primary capital and ₹40 crore in secondary capital.
Existing investors sell their shares in secondary deals, and the funds do not go into the company.
Rohit Prasad, Managing Director of Easebuzz, mentioned in an interview that existing investors 8i Ventures and Varanium Capital also took part in the funding round. He also highlighted that Dexter Capital served as an advisor to Easebuzz in facilitating this investment.
This deal marks the first significant venture funding round for Easebuzz, which raised ₹34 crore ($4 million) in equity funding in 2021. “We have a target for an IPO in the next two to three years. Since we are profitable already, we did not want to dilute much, but we also wanted a global venture fund on our capitalization table,” Prasad said.
The company concluded FY25 with a net profit of ₹22 crore and gross revenue of ₹650 crore.
Easebuzz holds a payment aggregator license from the Reserve Bank of India and is planning to apply for a cross-border payment aggregator license, enabling it to capitalize on the growing cross-border payments market.
“We will invest the freshly raised funds in brand building, attract senior-level talent to build a stronger team and double down on the large sectors where we operate,” Prasad said.
Easebuzz operates in four key sectors: banking and financial services, government payments, real estate, and education. Unlike many payment-focused startups, Easebuzz offers a software solution to onboard customers and provide payment services. The company currently collaborates with 10,800 educational institutions.
“We are investing in building offline payment capabilities for our clients. Currently, offline payments are only 10% of our overall revenue; we want this to grow over the next one to two years,” Prasad added.
Easebuzz is currently processing approximately $3 billion in monthly transactions, with plans to double this figure by the end of the current fiscal year.
Prasad mentioned that he does not intend to apply for a non-banking finance company (NBFC) license. Instead, with the RBI’s Payment Aggregator (PA) license, the company aims to expand its operations to Southeast Asia and the Middle East.
Easebuzz is poised for significant growth, with its recent $30 million funding round led by Bessemer Venture Partners providing the necessary capital to expand its operations. The company’s strategic focus on processing high transaction volumes, expanding into international markets, and enhancing its software solutions positions it well for continued success. With the backing of prominent investors like Bessemer and its plans to target Southeast Asia and the Middle East, Easebuzz is set to strengthen its presence as a leading player in the digital payments space.
