Total amount raised
$71.7 Millions
Latest funding date
11/1/2021
Location
Simpl has successfully raised significant funding through multiple rounds, with its most recent being a Series B round. The platform offers a seamless checkout experience for online shoppers and merchants, simplifying digital transactions.
Keep reading to explore the intricacies of Simpl's fundraising journey and the investors backing this innovative platform.
What Is Simpl?
Simpl, founded in 2015 by Chaitra Chidanand and Nityanand Sharma, is a fintech company based in Bangalore, Karnataka, India. The platform offers a cardless payment network, providing multiple solutions for merchants and consumers.
With a focus on simplifying online commerce, Simpl enables one-tap payments, bill splitting over three months, and instant refunds on orders. The company aims to empower merchants by offering a seamless checkout experience for their customers.
Currently, Simpl employs between 501 and 1000 people, reflecting its significant growth and impact in the fintech industry.
How Much Funding Has Simpl Raised?
- Seed Round
- Amount Raised: $2.5M
- Date: November 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Simpl's cardless payment network.
- Series A
- Amount Raised: $10.2M
- Date: August 2017
- Lead Investors: Green Visor Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's features and grow its user base.
- Venture Round
- Amount Raised: $19M
- Date: December 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform's capabilities and increase merchant partnerships.
- Convertible Note
- Amount Raised: Not publicly disclosed
- Date: November 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional working capital for scaling operations.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: May 2021
- Lead Investors: Franklin Templeton
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operational expenses and growth initiatives.
- Series B
- Amount Raised: $40M
- Date: November 2021
- Lead Investors: IA Ventures, Valar Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the full-stack checkout platform and expand user and merchant base.
Total Amount Raised: $71.7M
Current Valuation: Not publicly disclosed
Key Investors
- IA Ventures
- Details: IA Ventures is a venture capital firm based in New York City. They focus on investing in early-stage companies that leverage data to create competitive advantages.
- Investment Focus Areas: Data, Fintech, Enterprise Software
- Notable Investments: TransferWise, The Trade Desk, Datadog
- Valar Ventures
- Details: Valar Ventures is a venture capital firm co-founded by Peter Thiel. The firm focuses on transformative technology companies.
- Investment Focus Areas: Fintech, E-commerce, SaaS
- Notable Investments: TransferWise, Xero, N26
- Franklin Templeton
- Details: Franklin Templeton is a global investment management organization. They offer a wide range of investment solutions and services.
- Investment Focus Areas: Mutual Funds, ETFs, Private Equity
- Notable Investments: Not publicly disclosed
- Green Visor Capital
- Details: Green Visor Capital is a venture capital firm that invests in early-stage fintech companies. They aim to support innovative financial services.
- Investment Focus Areas: Fintech, Payments, Financial Services
- Notable Investments: Not publicly disclosed
- LFH Ventures
- Details: LFH Ventures is a venture capital firm that invests in high-growth technology companies. They focus on companies with strong potential for market disruption.
- Investment Focus Areas: Technology, Fintech, E-commerce
- Notable Investments: Not publicly disclosed
What's Next for Simpl?
Simpl is poised to capitalize on India's booming e-commerce market, where digital payments are rapidly gaining traction. With features like 1-Tap Checkout and Buy Now Pay Later, Simpl aims to convert the 60% of transactions still done with cash into digital payments. The introduction of Bill Box and Pay-in-3 further enhances its appeal, offering flexibility and convenience to both consumers and merchants.
Given the significant market potential, Simpl is likely to attract further investment to scale its operations and expand its product offerings. However, the company will need to navigate challenges such as competition from other fintech platforms and regulatory hurdles. Ensuring the security and reliability of its payment network will be crucial for maintaining user trust and driving adoption.
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