Instarem secures Rs 137 cr through Series-C round of funding led by VGF

Singapore-headquartered cross-border payments company, Instarem Tuesday said it has raised USD 20 million (Rs 137 crore) through Series-C round of funding led by Vertex Growth Fund (VGF). Besides VGF, South Korea-based venture capital investor Atinum Investment also participated in the current round of funding, a company release said.

"The latest round of funding reflects investors continuing confidence in our business and value proposition," the company's co-founder and CEO, Prajit Nanu said. The proceeds of the latest round of funding will be used to accelerate growth in existing and new markets, with the company hoping to receive licences in Japan and Indonesia later this year, Nanu said.

With this current round of funding, the company has so far raised USD 61 million (Rs 418 crore). It is also planning to bring in an initial public offering (IPO) in 2021, the release said. The company serves institutional and corporate clients with its international business payments platform providing bulk, customised, multi-currency payments facilities.