Mumbai-headquartered payment checkout solutions startup Nimbbl said it closed a combined seed and a pre-Series A funding round of $3.5 million from financial service platform Groww, Sequoia Capital India, and Global Founders Capital (GFC).
Palo Alto-based angel collective Amara VC, along with angel investors like Kunal Shah (CRED), Amrish Rau (Pine Labs), Jitendra Gupta (Jupiter), Prajit Nanu (Nium), and former senior Mswipe executive Srinivas Rao, also participated in the rounds.
Amit Bansal and Anurag Pandey, former executives of Citrus Pay and PayU, founded Nimbbl in 2020. Nimbbl offers retailers a one-click checkout solution for multiple payment methods, including UPI apps, Buy Now Pay Later (BNPL), net banking, wallets, and EMI.
The startup teamed with Lazypay, Pay with CRED, Ola Postpaid, and Pay Later by ICICI for BNPL.
Nimbbl, which has teams in Bengaluru, New Delhi, and Mumbai, plans to use the latest funding to expand its product and go-to-market capabilities and improve its value proposition of facilitating commerce.
Merchants can manage their payment operations, such as refunds, settlements, and more, through a dashboard and integrate with other gateways, including Cashfree, PayU, and Razorpay.
The idea is to reduce payment failures, checkout abandonment, and subsequent fall in costs for merchants.
“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,” Anurag Pandey, Co-founder of Nimbbl, said.
The Mumbai-based startup claims to have processed payments totaling more than Rs 2,000 crore in FY22 from over 4,000 online merchants in sectors like direct-to-consumer (D2C), airlines, and utilities since the launch of its product in September 2021.
Merchants are required to pay a minimal monthly fee and a charge per transaction.
Amit Bansal, Co-founder at Nimbbl, added, “With us, merchants of all sizes get an ecosystem to manage payments, offers, payment aggregators, and settlements through one dashboard. They instantly get the payment operations capabilities that typically only a few enterprise merchants could afford in the past. Our offering allows them to get a ready-to-use robust payment system taking away the pain of searching, choosing, and integrating from the multiple options available.”