Nimbbl, Mumbai-based payment checkout solutions startup, has closed a combined seed and pre-Series A funding round of $3.5 million from financial service platform Groww, Sequoia Capital India, and Global Founders Capital (GFC).
Founded in 2020 by former Citrus Pay and PayU executives Amit Bansal and Anurag Pandey, Nimbbl provides a one-click checkout solution on multiple payment methods, including UPI apps, Buy Now Pay Later (BNPL), netbanking, wallets, and EMI to merchants. For BNPL, the startup has tied up with Lazypay, Pay with CRED, Ola Postpaid, and Pay Later by ICICI.
With teams across Mumbai, New Delhi, and Bengaluru, Nimbbl plans to use the latest funding to strengthen its proposition of facilitating commerce through growing its product and go-to-market capabilities. “We aim to touch 20,000 merchants and process over Rs 10,000 crore transactions in FY24. Currently, we are the only one offering a multiple payment service provider (PSP) infrastructure to merchants,” Anurag Pandey, Co-founder of Nimbbl stated.
Besides integrating with multiple gateways like Cashfree, PayU, and Razorpay, merchants are offered a dashboard where they can manage their payment operations, including refunds, settlements, and more. The idea is to reduce payment failures, checkout abandonment, and subsequent fall in costs for merchants.
“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,” Pandey said.
Nimbbl backed by Sequoia aims to accomplish ₹10,000 Cr Transactions by 2024
Since its product launch in September 2021, Nimbbl claims to have onboarded over 4,000 online merchants in sectors like direct-to-consumer (D2C), airlines, and utilities as clients and processed payments worth over Rs 2,000 crore in FY22. It takes a charge per transaction besides a minimal monthly fee from merchants.
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.”
The startup’s technology aims to provide merchants with a seamless and personalized checkout experience for their customers, which results in higher payment initiations and ultimately, increased revenues. With the latest funding round, Nimbbl plans to expand its product and go-to-market capabilities, enabling more merchants to take advantage of its offerings.
With over 20,000 merchants targeted for FY24, Nimbbl is poised for growth in the Indian payments space. As Anurag Pandey notes, the startup is currently the only one offering a multiple payment service provider (PSP) infrastructure to merchants, giving it a unique advantage in the market. With the latest funding, Nimbbl can further solidify its position and expand its reach.
This round also saw participation from Palo Alto-based angel collective Amara VC and angel investors like Kunal Shah (CRED), Amrish Rau (Pine Labs), Jitendra Gupta (Jupiter), Prajit Nanu (Nium), and former senior Mswipe executive Srinivas Rao.
