Payment gateway startup Telr, has raised $ 3 Million( Rs 30 Crore) of Series B funding. The funding round is led by Innovation East Funds. Previously, the startup has raised funds from investors in Singapore and the Middle East, including Hatcher and iMena Holdings.
The Mumbai-Singapore based startup was founded in May 2015 by Sirish Kumar and Elias Ghanmen. Telr offers a set of unified APIs and tools enabling businesses to accept and manage online payments via web and mobile. The startup’s edge payments platform offers a set of unified APIs and tools enabling businesses to accept and manage online payments via web and mobile. The startup provides a one-stop solution for merchants by offering a payment gateway, cash management solutions, and unified logistics and payment APIs.
Sirish Kumar, chief executive of Telr, said: “A good portion of the investment will go towards building the back-end technology infrastructure. We will also be creating ecosystems that will offer multiple services such as short-term credit, and will also be rolling out customized solutions for specific sectors.”
Telr claims of reaching transactions worth $1 billion transactions per year by the end of 2017. The fresh funds will be utilized to further expand its presence, with a particular focus on Indonesia, Saudi Arabia, and Egypt.
Indian startups saw $4 billion in risk capital being deployed across 1,040 angel and VC/PE deals between January and December 2016.According to YourStory, In 2016, $4 billion invested in Indian startups – deal value decreased 55%, volume increased by 3% from 2015. On an average, four startup deals were announced every weekday throughout 2016. Read more about Indian Startup Ecosystem.