Airpay Payment Services Pvt. Ltd., the startup that runs the payments platform Airpay, has raised INR24 crore in a Series A round funding from Kalaari Capital, with participation from existing investors Rakesh Jhunjhunwala and Rajesh Jhunjhunwala. Airpay boasts of a payments platform through which enterprises can make and receive payments across channels including desktop, mobile and offline. It allows clients to receive (from customers) and send (to vendors) payments over multiple platforms and through popular financial instruments such as credit and debit cards, online banking and mobile wallets.
Amit Kapoor, Airpay’s CEO, was delighted over the capital raising and said that “The Company plans to invest the new capital in technology development and building a larger sales and distribution team to increase clients, which include companies in hospitality, education, banking and retail. Our differentiation is that we provide an integrated payments solution to large enterprises. There are few payment companies that focus on large enterprises and that gives us an edge. Plus, we provide a one-stop payments solution across channels that makes it very convenient for enterprises”.
Airpay’s solutions reduce the average time taken for payments reconciliation and collection, and with India’s digital payment expected to jump by 10x to touch $500 billion by 2020, its solutions are expected to garner significant market share in future.