Easebuzz, a B2B-focused, API-driven full-stack payments solution provider has now secured $4 million in a Series A funding round backed by the Varanium Capital, 8i Ventures, and Guild Capital.
Citrus Pay founders Jitendra Gupta and Amrish Rau also participated in the funding round as angel investors.
This is the Easebuzz first funding round, and Vertices Partners was the legal advisor to the company.
The startup also has plans to use the new funds to strengthen the product team, offer more payment APIs, enhances sales and marketing efforts for small and mid-size enterprises.
Rohit Prasad, MD, Easebuzz, said, “The current funding round will help us accelerate our mission of powering digital collections and payments for every retail business in India.”
Easebuzz claimed that it had achieved 12X growth, both in terms of gross transaction value and revenues, and currently processes nearly around $3 billion of transactions a year. The company also expects a hit to $10 billion annual run rate in the coming year.
“India’s $800 billion retail economy is going hyper-digital and Easebuzz is the best-positioned payments player to take advantage of this massive market opportunity,” said Vikram Chachra, Founding Partner, 8i Ventures.
Apoorv Gautam, India Head and COO of Guild Capital, said “Growing digitisation of merchants, driven by lockdowns and government policies favouring financial inclusion, have triggered an inflection point for the digital payment ecosystem in India.”
Easebuzz is also working on planning to scale across different cities of the country and will also enable new services on its platform to help businesses scale on digital remittances and collections.