plutos ONE, a licensed and registered BBPS (Bharat Bill Payment) TSP, has raised $2 million in a seed round funds round.
The round was led by StartupXseed, a leading Bengaluru-based VC, with participation from Genesia Ventures, a Tokyo-based VC firm, Auxano Capital, Raghuvanshi Investments and other investors.
The startup plans to use the funds raised in this round to onboard banks as billing operating units and invoicing operating units, as well as agent institutions in the BBPS network, the statement said.
What does Plutos ONE do?
Founded by Rohit Mahajan and Rajjat Gulati, plutos ONE helps banks deliver digital transactions to their customers more efficiently.
Rajjat Gulati, Co-Founder and CEO of plutos ONE, said, “plutos ONE is committed to bringing the digital public infrastructure being developed by NPCI and its affiliates to every Indian. As an authorised and accredited technical service provider of the Bharat Bill Payment System, we are uniquely positioned to help banks connect their business and individual customers to digital bill payments. Our latest round is a major boost to our plans to build the payments infrastructure for the next 200 million Indians.”
Ravi Thakur, Co-Founder Partner, StartupXseed Ventures, said, “We believe plutos ONE offers a completely new paradigm for developing the digital payments ecosystem in India. The team has a stellar track record in delivering digital solutions for banks at scale. We are delighted to partner with them to help scale their business and empower more Indian banks to better serve their customers.”
Support from prominent angel investors
plutos ONE had previously raised a round of investment from leading investors including Aakash Chaudhry, Co-Founder, Aakash Educational Services Ltd., Prabhjeet Singh, President, Uber India and South Asia, Neeraj Mohan, MD & CEO, IARC and former MD & Operating Partner, Blackstone India, Gautam Kamath, Group CFO, P&G India, Ravi Gosain, CEO, Erco Travels, Harish Chandra, President, Indian Achievers Forum, Chanakya VC, Sarcha Advisors, and others. StartupXseed and Raghuvanshi Investments had also earlier invested in plutos ONE.
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