Lending tech startup ePayLater has raised $10 million from a clutch of investors, including Zurich-based Responsability Investments AG, Blue Ashva Capital, Pravega Ventures and others.
The latest round of funding has come post its funding round in February this year, wherein the startup raised INR 18 Cr from Pravega Ventures and internal investors.
With the fresh capital, the Mumbai-based fintech startup plans to expand its reach across more retailers in the country and enhance its product suite.
Launched in 2015 by Aurko Bhattacharya, Prasanna Muralidharan, Uday Somayajula, Shanmuhanathan Thiagaraja, and Akshat Saxena. epayLater is a deferred payments solution that offers its users an interest-free credit period of up to 7 to 14 days for purchases from selected partner merchants.
epayLater focuses on being a pay later firm for small businesses and offers zero-cost credit to Small and Medium Enterprises (SMEs) in the country. It also claims to have spent more than 1,000 crores in facilitating inventory purchases.
epayLater clientele includes Walmart-owned Flipkart, Metro Cash, Carry, among others in the B2B segment.
According to a few recent studies, the sector is poised to grow further and the market, currently valued at $ 31 Bn, will see a 22% CAGR and transform into an $ 84 Bn market by 2025.
Bhattacharya said, “So far, in the past couple of years, we have been developing our products in such a manner that it is best suited for this segment of retailers. So the newly infused funds will be used to continue developing the correct product-market fit.”
He said there were two ways to reach more retailers across the country. “One is to focus on our growth to reach more retailers. Second is to enhance the product to introduce more nuanced features to help buyers and sellers on our platform even more.”