Mumbai, March 2023: Nimbbl, a merchant focussed frictionless checkout enabler, announced today that it has raised a sum of $3.5 million across its seed and pre-series A rounds from Groww, a financial services platform, Sequoia Capital India and Global Founders Capital (GFC).
The fintech startup’s other backers include Palo Alto-based angel collective Amara VC and top Indian internet entrepreneurs and executives including Cred’s founder Kunal Shah, Pine Labs CEO Amrish Rau, Jupiter founder Jitendra Gupta, Nium founder Prajit Nanu and former senior Mswipe executive Srinivas Rao.
Founded in October 2020 by former Citrus Pay & PayU executives Anurag Pandey and Amit Bansal, Nimbbl’s mission is to empower businesses to efficiently conduct commerce by helping them increase customer conversions and revenues while reducing costs. Over 4,000 merchants use the Nimbbl one-click checkout solution offering their customers a superior experience on new-age payment methods like Unified Payment Interface (UPI) and Buy Now Pay Later (BNPL).
With teams across Mumbai, New Delhi and Bengaluru, Nimbbl plans to utilise the latest fundraise to strengthen its proposition of facilitating commerce through growing its product and go-to-market capabilities.
Speaking on the occasion Anurag Pandey, Co-Founder of Nimbbl said, “Payment failures and checkout abandonment due to poor consumer experiences are key reasons for loss of revenue for businesses. Our technology enables merchants to personalise the checkout experience for their consumers resulting in 40% higher payment initiations. This translates to over 6-8% increase in revenues. With the new raise, we aim to increase this number as it gives us the ability to go deeper into problems we have already identified.”
With Nimbbl, businesses also save costs as they can connect with multiple payment aggregators of their choice, enabling them to route transactions based on success rates or commercials without consuming technical or operational bandwidth. In addition to this, businesses can also reconcile all their revenue data in a single place.
Amit Bansal, Co-Founder at Nimbbl added, “With us, merchants of all sizes get an ecosystem to manage payments, offers, payment aggregators, and settlements through one dashboard. They instantly get the payment operations capabilities that typically only a few enterprise merchants could afford in the past. Our offering allows them to get a ready-to-use robust payment system taking away the pain of searching, choosing, and integrating from the multiple options available.”
As per a June 2022 report released by BCG, the Indian digital payments will be worth $10 trillion by 2026 where 2 out of 3 transactions in the country will be done digitally. The total value of digital payments in 2021 was $3 trillion. Consumer payments to merchants & government as well as business-to-business payments will contribute about 40-45% of this volume.
“We thank our investors for their support in helping us get our idea off the ground. We also welcome Groww to our cap table. The new fundraise gives us an ability to further focus our energies to deeply understand the needs of merchants so we can further our mission of increasing conversions and reducing costs for them,” said the Co-Founders.