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Bengaluru-based buy now, pay later (BNPL) startup Simpl recently bagged USD 40 million in Series B round, taking its total fundraised till date to USD 83 million. Valar Ventures as well as IA Ventures co-led the funding, with added contributions from LFH Ventures and other existing investors.
The company intends to use the proceeds to double its current team size of 150 by hiring new talent across the board, especially for its data science, artificial intelligence, and engineering departments.
Founded by Chaitra Chidanand and Nitya Sharma in 2018, Simpl, which allows merchants to offer simple payments solutions to their customers, is among the top BNPL players in the number of loans disbursed. The company has disbursed over 49 million loans, and the number of its transactions has toppled the likes of Amazon Pay Later, Flipkart Pay Later, and Paytm Postpaid.
Simpl’s flagship offering is the one-step “Pay Later” option, which allows customers to make payments after 15 days of purchase. The payments solution can be utilized for a wide range of products and even food. It also allowed users to pay bills online.
Its latest product “Pay-in-3” enables customers to convert the payment of their purchases into three monthly installments.
CEO Nitya Sharma stated that they have developed a full-stack checkout solution that empowers merchants with control of user experience and helps them build trust with consumers at checkout.
This intuitive user experience will allow for a larger e-commerce market and will accelerate the adoption of mobile payments in India and beyond borders, he added.
Simpl claims that its monthly active user base has grown nearly 10-fold in the last 18 months, and boasts of leading online merchants like Zomato, MakeMyTrip, BigBasket, 1mg, Jio Platform, and Crocs as its partners.
The company still has a lot more room to grow as India’s BNPL market is still at a nascent stage, with a valuation of around USD 3-3.5 billion that is expected to increase 15-fold over the next five years to USD 45-50 billion.
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