Uttar Pradesh-based fintech startup YPay has raised $400K in its bridge round funding led by Startup investment platform We Founder Circle.
The round also saw the participation from marquee investors including Mr. Amit Tyagi, an entrepreneur-turned-investor who has also invested in Avni (a startup focused on conscious and holistic menstrual care) Mr. Gaurav Juneja, Mr. Ravi Gupta – Founder, Safexpay, Mr. Nishanth Reddy, Angel Investor, Mr. Rohith Reji & Mr. Tarun Nazare, Co-founders, Neokred and a senior CXO, Ms. Pragatii Bhargava.
With the additional round of funds, YPAY plans to robustly acquire talent as the brand moves towards its next milestone. A part of the fund will also be utilized for technology development and fuel further growth.
Fintech industry in India that is growing at a CAGR of 20 percent is already valued at more than $31 Bn. With an ambition to own a large portion of the entire fintech pie, YPAY aims to provide a diversified bouquet of products and services to the Indian youth and professionals.
Speaking on the fundraise, Dr. Navneet Gupta- Founder & CEO, YPay said, “Payments is a thick slice of the entire fintech pie, and has great potential for creativity and convenience. We plan to unleash this potential. YPay card has already facilitated over 50,000 transactions in a short span of time. We are overwhelmed with the response received so far and aim to serve a larger customer base of 600,000 individuals by the end of this fiscal year. We will soon raise our Series A.”
Commenting on the Investment in YPay, Mr. Neeraj Tyagi- Co-Founder and CEO, We Founder Circle said, “Indian youth and teens, especially in Tier 2 and Tier 3 cities, have increased their appetite for a digital mode of payments. YPAY smart solutions tap this quintessential aspiration of the young Bharat and their need to adopt digital payment solutions. Their product positioning as #BharatkaSmartCard caught the attention of consumers and investor community-led WFC to invest in them repeatedly.”
This is a follow-up round by We Founder Circle which invested around USD 175K in YPAY earlier this year.