9Unicorns, India’s first idea-phase accelerator venture capital fund, has announced that it recently invested in FinTech SaaS startup inai. The seed funding round was led by Berlin-based Paua Ventures and saw participation from other VCs, namely Uncommon Capital, Soma Capital, Anarko ventures, Better Capital, Gemba Capital. High net worth individuals and start up entrepreneurs such as Sriram Krishnan, Lenny Rachitsky, Matt Robinson (Founder GoCardless, Nested), and Kunal Shah (Founder CRED) also took part in the fund raise.
Founded by serial entrepreneurs Anantharaman Pattabiraman and Karthik Narayanan, inai is an payment processing platform offering developer-friendly APIs that connect every payment method, and fraud, tax and BI tools with one simple integration. The company provides a no-code dashboard so merchants can then orchestrate any business logic without needing any further developer involvement such as localising the checkout by region, routing transactions intelligently or having failover logic to recover more transactions.
Speaking on the fund raise, Anantharaman Pattabiraman and Karthik Narayanan, Founders, inai, said, “When running our previous DTC business, we realised that with e-commerce going increasingly cross border, optimising the checkout experience for the customer in each market is extremely important. Inai allows merchants to go live within 60 minutes with an international payment stack that is optimised for every market they want to operate in and take control of their payment data. In addition, inai provides a rich software layer to support different subscription models so whether you are an e-commerce merchant or a SaaS business, if you are looking to sell across multiple geographies and localise the checkout experience, we have got you covered.”
Sharing his insights, Dr Apoorva Ranjan Sharma, Co-founder & Managing Director, 9Unicorns, added, “iani’s payment integration platform is revolutionary and presents a great value proposition for all stakeholders, including customers and investors. The key differentiating factor of this platform is that it enables merchants to set up their payment stack with a single integration. Merchants are not required to write any codes, which makes it easier for startups and e-commerce businesses to ramp up their operations without any technical expertise. In an increasingly digital economy like India, where e-commerce is on an upward growth trajectory, inai is well-poised to capitalize on the segment for payments market.”
inai will utilize the fresh capital to strengthen its core technology framework, expand its product portfolio, and increase its workforce. The startup is part of Y Combinator’s Summer 2021 cohort for startups.