Thursday, June 20, 2024

Nimbbl raises $3.5mn from Groww, Sequoia

New Delhi: Nimbbl, a merchant-focussed payment checkout enabler, has secured over $3.5 million in funding from Groww, Sequoia Capital India, and Global Founders Capital (GFC).

Other backers include, Palo Alto-based angel collective Amara VC, Pine Labs CEO Amrish Rau, Jupiter founder Jitendra Gupta, Cred founder Kunal Shah, Nium founder Prajit Nanu and former senior MSwipe executive Srinivas Rao.

Founded in October 2020 by former Citrus Pay and PayU executives Anurag Pandey and Amit Bansal, Nimbbl offers multiple payment checkout solutions to merchants. This means that merchants can get access to multiple payment aggregators (PAs) through Nimbbl’s checkout solution and “can route transactions based on success rates or commercials without consuming technical or operational bandwidth.”

“We partner with almost seven payment aggregators, including Razorpay, PayU, Cashfree, CCAvenue, Freecharge and HDFC Bank,” Anurag Pandey told Mint.

“Besides offering payment checkout, we have also partnered with BNPL (buy now pay later) platforms such as Lazypay, Simpl, Mobikwik ZIP, Ola Postpaid to enable BNPL checkout for our merchants.”

The Mumbai-based startup claims to have onboarded over 4,000 merchants.

Nimbbl earns a fee on every transaction from merchants. “On top of paying payment aggregator charges that goes to PAs, merchant pays us on every transaction. We earn somewhere between 10-20 bps (basis points) per transaction,” Pandey said.

“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,” he added.

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