instantPay, a New Delhi, India-based provider of digital payments and financial services, raised a pre-Series A round of funding between $3m-$5m.
Backers include RB Investments and Kaleden Holdings.
The company intends to use the funds to hire new people, enhance its platform, grow its portfolio of consumer services and expand its presence across India.
Launched in 2012 as a business unit of SMSdaak India Limited by Sankalp Shangari, Shailendra Agarwal, and Mohammad Rehan, instantPay provides a service to recharge and pay bills for mobile, DTH and other utilities, travel bookings and money transfer needs.
With the platform, financial institutions and merchants can provide a host of supplementary services to their consumers, thus up-selling and cross-selling their existing portfolios.
At present, the company’s network comprises of 50,000+ outlets across districts in India, for leading telcos and direct to home service providers.