Easebuzz raises $4 mn funding from 8i Ventures, others

Former Citrus Pay founders Amrish Rau and Jitendra Gupta also participated as investors in the seed funding round, a statement said.The proceeds of the funding will be used to strengthen the product team, enhance sales and marketing efforts and offer more payment APIs and solutions for small and mid-size enterprises, it added.Application program interface or API is a set of functions and procedures for building software.Incubated by Symbiosis Centre for entrepreneurship and innovation in 2017, Easebuzz is a payments infrastructure company that powers digital collections and payments for Indias USD 800 billion retail economy.

Easebuzz, a B2B-focused payments solutions company, on Thursday said it has raised USD 4 million (about Rs 29.3 crore) in funding led by 8i ventures, Varanium capital and Guild Capital. Former Citrus Pay founders Amrish Rau and Jitendra Gupta also participated as investors in the seed funding round, a statement said.

The proceeds of the funding will be used to strengthen the product team, enhance sales and marketing efforts and offer more payment APIs and solutions for small and mid-size enterprises, it added.

Application program interface or API is a set of functions and procedures for building software.

Incubated by Symbiosis Centre for entrepreneurship and innovation in 2017, Easebuzz is a payments infrastructure company that powers digital collections and payments for India's USD 800 billion retail economy. Over the last one year, thousands of small businesses in the country have upgraded collections from cash to digital using Easebuzz's automated collection and payment solutions. Easebuzz currently processes nearly USD 3 billion worth of transactions a year and expects to hit a USD 10 billion annual run-rate in the coming year. The company aims to develop new suites of services on its platform to help businesses further scale on digital remittances and collections.

''From inception, our product DNA was designed around removing friction out of every collection touch-point for an Indian SME...This current financing round will help us accelerate our mission of powering digital collections and payments for every retail business in India,'' Easebuzz MD Rohit Prasad said.

Vertices Partners represented Easebuzz as their legal advisors for the transaction.