Payment Startup Chillr Raises $7 Million In Series A From Sequoia & Others

Company Name : Chillr
Funding Amount : $7 Million
Investor(s) Sequoia Capital Blume Ventures, Uniqorn Ventures.
Funding Round : Series A


 

Chillr, a peer-to-peer money transfer and recharge app has raised $7 million (Rs 46.7 crore) in Series A, led by Sequoia Capital; other participants include Blume Ventures, and Uniqorn Ventures. The company raised $6 Million in a previous round from Sequoia Capital in October.

Chillr is owned by Mumbai-based Backwater Technologies Pvt Ltd; the compachillr-fundingny plans to use the fresh funds in upgrading technology infrastructure and customer acquisition.

Launched in December 2014 by Sony Joy, Chillr allows users to transfer money to any contact in their phone book. It also provides recharge service for prepaid phone and DTH TV users.

Customers can link their personal bank account with the app, eliminating the need for a prepaid wallet. All transactions will be authenticated by a four-digit MPIN issued by the bank.

Mobile payments and commerce platform Paytm launched its P2P money transfer service in July. Other players that offer P2P services in India include MobiKwik, Fastacash and Faircent.

[Source]

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