Backwater Technologies Pvt. Ltd. that operates Chillr, India’s first multi-bank mobile payment app today announced that it has raised $6 million (INR 40 Crores) in Series A round of funding from Sequoia Capital to support Chillr’s growth plans. The round is not closed yet and there will be other investors joining in the next few weeks.
The company will use part of the capital to acquire customers and merchants and the rest of the capital will be invested in technology and to strengthen the team.
“We have crossed four lakh transactions since Chillr’s beta launch in February 2015 and customer feedback has been amazing. Unlike wallets, which reduce the number of times users have to enter bank/card details, Chillr is probably the only app that simplifies payments end to end and eliminates the need of entering these details. We have witnessed that average peer-to-peer transaction value is close to INR 1000 and most users recharge their mobiles three or more times in a month. ”, said Sony Joy, Founder and CEO, Chillr.
Shailesh Lakhani, Managing Director, Sequoia Capital tweeted on the development, “Chillr is the smoothest payment experience we have seen. We look forward to partnering with the team as they eliminate cash.”
Backwater Technologies Pvt. Ltd., a wholly owned subsidiary of MobMe Wireless Solutions Ltd. was set up in December 2014 with a seed funding of $1 million from the parent company. Chillr was incubated in MobME for a year before it was spun off as a separate entity. Since its beta launch in February 2015, 2 lakh users have successfully linked their bank accounts through the app. All transactions are authenticated by a 4-digit MPIN issued by the bank.
Besides person-to-person money transfer, Chillr currently supports recharging of prepaid mobile, DTH and data cards. By end of March 2016, Chillr aims to tie up with 30,000 merchants and on-board 15 leading banks. Currently, the team size is 70 and the company plans to bring this number up to 150 by the end of current fiscal year.