Fintech startup ePaylater has raised $10 from its investors which includes Zurich-based Responsibility Investments AG, Blue Ashva Capital, Pravega Ventures, and others. With existing backers such as ICICI Bank and Japan’s GMO Global Fintech Fund.
“We have a wholly-owned subsidiary that is an RBI-registered NBFC that helps us reach the market even deeper. Our primary focus, however, is to work as a platform because we are good at tech,” Bhattacharya added.
Based in Mumbai, founded in the year 2015 by Akshat Saxena, Aurko Bhattacharya, Prasannaa Muralidharan, It aims to empower people by making credit inclusive, digital, and accessible with an experience to the customer with the hassle-free payment process. It provides a buy now and pay later option on their portal with advanced technology such as machine learning techniques to do a real-time credit assessment using data such as buying patterns, digital footprints, social media information, and device information to provide frequent online purchasers with a credit term to buy items in bulk and settle their payments.
Akshay Dua, head of private equity sustainable food APAC, Responsibility Investments AG, said “With its innovative tech platform that allows alternative underwriting and embedding finance in the process, ePayLater is creating a massive impact by providing financial inclusion and achieving digital transformation in the country,”
The funds will be used for the expansion of their network and the services. The company works closely with B2B majors like Walmart, Metro Cash and Carry, BigBasket, and directly with large FMCG brands.