- RapiPay provides comprehensive payment solutions for businesses that offer services such as mobile recharge, DTH recharge, bill payments, cash withdrawal, AePS, and more.
- The company aims to deploy five lakh micro ATMs in the country over the next two years.
- Investors, including Dabur, Sheela Foam, Naresh Trehan, energy company ACME, ORG Investments, and Puneet Dalmia, participated in the funding round.
Noida-based fintech firm RapiPay Fintech Pvt. Ltd. has raised around Rs 65 crore (or about $9 million) in a Series A funding round led by a group of investors, including Dabur, Havells promoter Sheela Foam, and Medanta Co-founder Naresh Trehan.
Other investors — ORG Investments, Puneet Dalmia (Managing Direct at Dalmia Bharat Limited), Energy company ACME also participated in the funding round.
The company plans to use the fresh funding to expand its physical presence in other major cities to attract more customers by offering various services like foreign exchange, multicurrency prepaid forex travel card, overseas remittances, and overseas travel insurance.
Founded in 2018 by Yogendra Kashyap (Managing Director at RapiPay), RapiPay provides comprehensive, secure, assisted payment solutions for business enterprises. Its agents (RapiPay Saathis) offer various payment services like mobile recharge, DTH recharge, bill payments, cash withdrawal, AePS (Aadhar Enabled Payment System), etc.
The company currently has about 1.25 lakh agents (RapiPay Saathis) across 12,000 different locations. RapiPay witnessed more than 40x growth in overall transactions made in the last year from Rs 74 crore during the fourth quarter of 2019 to Rs 3,693 crore within the first two months of Q4 2020.
Earlier in September 2020, RapiPay announced that it aims to deploy 500,000 micro-ATMs over the next two years. “We believe that for ATM cash withdrawals, Micro ATMs are a game-changer for Indian consumers, especially the marginalized population located in Tier I, II cities and rural India, the company said.
The company uses a franchised retail network to provide its payment solutions services has successfully launched over 25,000 devices within a month of its launch.
“RapiPay Micro ATMs are revolutionary in comparison to the conventional ATMs and offer utmost ease to the consumers enabling them to withdraw cash and do other similar banking activities at any RapiPay Saathi store without having to travel kilometers in search of an ATM,” said Yogendra Kashyap, Managing Director, CEO of RapiPay Fintech.
He further said, “The availability of Micro ATMs, AePS (Aadhaar Enabled Payment System) and other payments services with a nearby shopkeeper is a big savior for consumers looking for banking and payment services in their neighborhood.”
During the financial year ending in March 2020, RapiPay’s EBITDA has decreased by -283.15 % over the previous year, according to Tofler’s report.