India’s fastest growing BNPL Fin-tech startup, Paytail, raises $1.5 million from Cholamandalam and other marquee angel investors as part of its seed round. Chola’s entry on Cap table further strengthen the capital supply on platform which is a key ingredient required to scale up the BNPL fintech business. The company is also betting big on innovation to provide a seamless customer experience and enhance sales on the merchant side.
Along with Cholamandalam, Paytail is committed to building a network of other large financial institutions to cater to the pre-approved loan offers for consumers. Maple Capital is the Investment banker for this transaction, and Stratage law is the legal advisors to the company.
Paytail further plans to utilize the fresh funds to enhance the product and build a strong team to transform the experience of offline buyers & sellers & achieve 10x-15x growth rate in the monthly transactions in the next 12 months.
Based in New Delhi, Paytail is a fast-growing tech company disrupting $300 billion trade in offline retail. The platform is revolutionizing offline commerce by enabling instant paperless and no-cost EMIs to consumers. Besides enhancing the buyers’ experience by giving them an instant credit limit of Rs. 2 lacs, Paytail is also transforming the selling experience of merchants through innovative technology solutions. The combination of convenience and credit at the point of sale helps the consumers accelerate the buying decision and acts as a catalyst for sellers to increase their sales and profits significantly.
Speaking on the capital injection, Vikas Garg, co-founder of Paytail, said, “Since its inception, Paytail has been on a mission to create a level field for both offline buyers and sellers, as the retailers in this sector have been facing fierce competition from large e-businesses. We are trying to address the real pain points in a segment that contributes 95% of India’s retail, away from the internet-only offerings of the present BNPL players. With this funding, we will be able to enhance the product and build a strong team. We have the vision to create the largest retail BNPL Fintech in India and are efficiently working towards it.”