Nimbbl, an Indian fintech startup that offers merchant-focused frictionless checkout solutions, announced on Tuesday that it has raised $3.5 million in seed and pre-series A funding rounds. According to a statement from the startup, the funding was provided by a consortium of investors that includes Groww, Sequoia Capital India, and Global Founders Capital (GFC), among others.
Nimbbl said that its technology enables merchants to personalise the checkout experience for their customers, resulting in a 40 percent higher payment initiation rate and over six to eight percent increase in revenues. Furthermore, businesses can save costs by connecting with multiple payment aggregators of their choice, enabling them to route transactions based on success rates or commercials without consuming technical or operational bandwidth. In addition to this, businesses can also reconcile all their revenue data in a single place.
Nimbbl was founded in October 2020 by former Citrus Pay & PayU executives Anurag Pandey and Amit Bansal. The company's other backers include Palo Alto-based angel collective Amara VC and top Indian internet entrepreneurs and executives such as Cred’s founder Kunal Shah, Pine Labs CEO Amrish Rau, Jupiter founder Jitendra Gupta, Nium founder Prajit Nanu, and former senior Mswipe executive Srinivas Rao.
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According to a June 2022 report released by BCG, the Indian digital payments market will be worth $10 trillion by 2026, with two out of three transactions in the country being done digitally. Consumer payments to merchants and the government as well as business-to-business payments will contribute about 40-45 percent of this volume.
Nimbbl's co-founders expressed their gratitude to their investors for their support in helping them get their idea off the ground. They also welcomed Groww to their cap table and said that the new funding gives them the ability to further focus their energies on deeply understanding the needs of merchants so they can further their mission of increasing conversions and reducing costs for them.
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