Nimbbl has successfully raised $3.5 million over one funding round, positioning itself as a key player in the online payment solutions market. The platform offers a BNPL-powered one-click checkout solution designed to improve conversion rates for eCommerce businesses.
Keep reading to explore the intricacies of Nimbbl's fundraising journey and the investors backing this innovative platform.
What Is Nimbbl?
Nimbbl, founded by Amit Bansal and Anurag Pandey, is a credit and payments technology company based in Mumbai, India. The company focuses on providing a seamless online payment experience through its BNPL-powered one-click checkout solution.
Established to help eCommerce businesses increase their conversion rates, Nimbbl operates at the intersection of payments and lending. The platform aims to make online commerce payments take less than one second.
With a team of 11-50 employees, Nimbbl continues to innovate in the online payment solutions market, offering multiple payment gateway integrations and various other payment methods to enhance customer experience.
How Much Funding Has Nimbbl Raised?
- Seed Round
- Amount Raised: Not specified
- Date: July 2021
- Lead Investors: Sequoia Capital India
- Motivation Behind the Round: Typically aimed at initial development and market entry.
- Additional Funding Round
- Amount Raised: $3.5 million
- Date: Earlier in 2023
- Lead Investors: Sequoia Capital India and Groww
- Motivation Behind the Round: To scale up the platform, enhance affordability and multi-currency payment offerings, and hire across sales and technology functions.
Total Amount Raised: $3.5 million
Current Valuation: Not specified
Key Investors
- Sequoia Capital India
- Details: Sequoia Capital India is a leading venture capital firm that has been instrumental in the growth of numerous startups across Asia. The firm is known for its deep expertise and extensive network in the technology and consumer sectors.
- Investment Focus Areas: Technology, consumer, healthcare
- Notable Investments: Byju's, Zomato, OYO
- Global Founders Capital (GFC)
- Details: Global Founders Capital is a global venture capital firm that invests in technology companies at various stages of development. The firm has a strong track record of backing successful startups worldwide.
- Investment Focus Areas: Technology, e-commerce, fintech
- Notable Investments: Facebook, LinkedIn, Slack
- Groww
- Details: Groww is a stock brokerage firm that has expanded its portfolio to include investments in promising startups. The company is known for its user-friendly investment platform aimed at retail investors.
- Investment Focus Areas: Fintech, stock brokerage, investment platforms
- Notable Investments: Various fintech startups
- Amara VC
- Details: Amara VC is an angel collective based in Palo Alto, focusing on early-stage technology startups. The firm leverages its extensive network to provide strategic support to its portfolio companies.
- Investment Focus Areas: Early-stage technology startups, fintech, SaaS
- Notable Investments: Specific investments not mentioned
- Kunal Shah
- Details: Kunal Shah is the founder of Cred, a fintech company that rewards users for paying their credit card bills on time. He is a well-known entrepreneur in the Indian startup ecosystem.
- Investment Focus Areas: Fintech, consumer technology, digital payments
- Notable Investments: Cred
What's Next for Nimbbl?
As Nimbbl looks to the future, the opportunities are vast. The company aims to scale its platform significantly, enhancing affordability and multi-currency payment offerings. With plans to expand its merchant base from 4,000 to 20,000 by the end of the next fiscal year, Nimbbl is poised to process a total payment value of Rs 8,000 - Rs 10,000 crore, up from Rs 2,000 crore in the current fiscal year.
To support this ambitious growth, future fundraising rounds seem inevitable. The ongoing scaling and expansion efforts will likely require additional capital to hire across sales and technology functions. However, Nimbbl will need to navigate regulatory changes affecting digital lending and payment gateways, as well as competition from established payment aggregators and fintech firms. Ensuring compliance with new digital lending guidelines will be crucial for sustained growth.
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