- The startup will use the funding to strengthen its product team, increase sales, and marketing efforts, and offer payment-based APIs to small and medium-sized enterprises.
- Other investors, including Guild Capital, Amrish Rau, Jitendra Gupta, also participated in the funding round.
- EaseBuzz is looking to develop a new suite of services around digital remittances and collections for SMEs.
Pune-based business-to-business (B2B) focused fintech startup EaseBuzz has raised $4 million (about Rs 29 crore) in a Series A funding round led by fintech-consumer-focused VC firm 8i Ventures, Varanium Capital, and Guild Capital. The funding round also saw participation from angel investors --- Amrish Rau (Owner & CEO of Citrus Pay) and Jitendra Gupta (CEO of Jupiter).
EaseBuzz will use the funding to strengthen its product team, enhance sales and marketing efforts, and offer payment-based APIs (application programme interface) to small and medium-sized enterprises, the statement said.
It is also looking to develop a new suite of services around digital remittances and collections for SMEs on its platform.
Founded in 2015 by Rohit Prasad, EaseBuzz is a B2B-focused API-driven payment solution provider that helps businesses to manage payments more effectively and efficiently. It works with various financial institutions, regulators, payment networks, banks, and consumer wallets.
The startup claims it had witnessed 12x growth in revenue and gross transaction value in the last 12 months. EaseBuzz currently processed nearly $3 billion of transactions every year and aims to touch $10 billion in the upcoming year.
Speaking on the development, Rohit Prasad, said, “From inception, our product DNA was designed around removing friction out of every collection touch-point for an Indian SME. This mindset has allowed us to emerge as the most preferred payment partner today for our MSME customers."
Vikram Chachra from 8i Ventures, said, "India’s $800 billion retail economies is going hyper-digital and Easebuzz is the best-positioned payments player to take advantage of this massive market opportunity."
According to a research report by RedSeer Consulting, the payment gateway aggregator market in India is expected to grow from the current Rs 9.5 trillion to about Rs 22.6 trillion in transactions worth by FY-25.