Mumbai-headquartered payment checkout solutions startup Nimbbl on Tuesday 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.
Founded in 2020 by former Citrus Pay and PayU executives Amit Bansal and Anurag Pandey, Nimbbl provides a one-click checkout solution on multiple payment methods, including UPI apps, Buy Now Pay Later (BNPL), netbanking, wallets, and EMI to merchants.
For BNPL, the startup tied up with Lazypay, Pay with CRED, Ola Postpaid, and Pay Later by ICICI.
With teams across Mumbai, New Delhi, and Bengaluru, Nimbbl plans to use the latest funding to strengthen its proposition of facilitating commerce through growing its product and go-to-market capabilities.
“We aim to touch 20,000 merchants and process over Rs 10,000 crore transactions in FY23. Currently, we are the only one offering a multiple payment service provider (PSP) infrastructure to merchants,” Anurag Pandey, Co-founder of Nimbbl, told YourStory.
Besides integrating with multiple gateways like Cashfree, PayU, and Razorpay, merchants are offered a dashboard where they can manage their payment operations, including refunds, settlements, and more.
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,” Pandey said.
Since its product launch in September 2021, the Mumbai-based startup claims to have onboarded over 4,000 online merchants in sectors like direct-to-consumer (D2C), airlines, and utilities as clients and processed payments worth over Rs 2,000 crore in FY22.
It takes a charge per transaction besides a minimal monthly fee from merchants.
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.”
