The fintech startup Rapipay promoted by Naresh Trehan, a noted Surgeon, Dabur, and Havells promotor. The three have together invested more than Rs.65 Crore beside three others. The Rapipay is backed by MSME lender Capital India Finance. It has attracted funds from investors with a non-finance background. Harsh Kumar Bhanwala, Executive Chairman of Capital India Finance said that in the post covid scenario non-financing entities are also showing interest in the opportunities available in the digital space. Considering and recognizing the increased financial inclusion in the country in the assisted payments space, Dr Trehan was the first person to invest into the promising business model of RapiPay.
The execution of the RapiPay startup helps people to easily execute basic banking transactions. Its value of transactions has gone up to 40 times more than the last year. In the October-December quarter of 2019, it has 74 Crore transactions and by October-end November 2020, it already reached 3,693 Crore, Bhanwala added. The startup has been attracted by many other investors from various Indian business fields, other than Trehan. Equity of $9 million which is equivalent to Rs. 65 Crore has been attracted by ‘The Series A Round’.
Managing Director of the Dalmia Bharat group, Mr. Puneet Dalmia is also an investor. Companies such as Dabur India, QRG Investments, a promotor entity of Havells brand, Sheela Foam, a Sleepwell brand entity, and ACME, a solar energy entity also invested in the fintech startup RapiPay. An MSME-centric NBFC, Capital India Finance has a loan book of around Rs.500 crore which runs a housing finance and remittance subsidiary. Being an authorized dealer license holder from RBI to conduct forex business, it plans to expand this business. It will offer comprehensive forex solutions to various customer segments. To provide various services like currency exchange, overseas remittances, multicurrency prepaid forex travel card, and also overseas travel insurance for student, leisure, and business travelers, the company has planned to start branches in major cities.
RapiPay provides comprehensive, secure, assisted payment solutions to the nation through their pan-India retail agent network of RapiPay ‘Saathis’. It is building up a large network of “RapiPay Saathis” which is competent and equipped with the latest technology and connectivity to provide retail financial services to customers through a one-stop payments solution platform in a way that is simple and secure. Their vision is to bring banking services to the trusted nearby shop to help in easy and secure payment needs.
Nice article, rapipay is getting lot of funding from big investor…hope, everything will be good.