30 December 2016, India:
Delhi-based digital payments and financial services company InstantPay has raised an undisclosed amount from Singapore-based RB Investment and Kaleden Holdings. ET reported the amount is somewhere between $3 million to $5 million.
InstantPay is a business unit of SMSdaak India Limited. Incorporated in 2010, SMSdaak is a fast growing provider of electronic payment and transaction processing systems to service providers, financial institutions, distributors, retailers and individuals.
InstantPay was founded in 2012 by Shailendra Agarwal, Mohammad Rehan, and Sankalp Shangari. The startup plans to utilize the funds to grow its business and market presence.
Shailendra Agarwal, CEO InstantPay said, “InstantPay offers multiple services under one digital platform and the micro-merchants love this about the company. They also get to bypass agents & distributors thereby increasing their margins and avoiding hassles of dealing with multiple vendors. While we build this massive network, we are also enabling other products and services to be delivered via this distribution – directly and efficiently.”
“While we build this massive network, we are also enabling other products and services to be delivered via this distribution directly and efficiently,” Sankalp Shangari, co-founder, instantPay told ET.
At present, the network comprises of 50,000+ outlets across districts in India, accepting collections for the leading telcos and direct to home service providers. Services from various other service/content providers are also being dispensed. Source- ET