“We are overwhelmed with the response received so far and aim to serve a larger customer base of 600,000 individuals by the end of this fiscal year. We will soon raise our Series A,” claims Dr. Navneet Gupta- Founder & CEO, YPay.
We Founder Circle (WFC) – a startup investment platform, in continuation to its mission to fund early-stage start-ups, has invested in YPay, an innovative financial solution provider for youth and corporates. YPAY, through its prepaid cards available on its app, makes it convenient for teenagers to make both online and offline payments. YPAY app enables kids to learn money management and earn points along with attractive cashback and discounts from 300+ brands.
The bridge round worth USD 400K from WFC saw participation from marquee investors including Mr. Amit Tyagi, an entrepreneur-turned-investor who has also invested in Avni (a startup focused on conscious and holistic menstrual care) Mr. Gaurav Juneja, Mr. Ravi Gupta – Founder, Safexpay, Mr. Nishanth Reddy, Angel Investor, Mr. Rohith Reji & Mr. Tarun Nazare, Co-founders, Neokred and a senior CXO, Ms. Pragatii Bhargava.
The fintech industry in India that is growing at a CAGR of 20 percent is already valued at more than $31 Bn. With an ambition to own a large portion of the entire fintech pie, YPAY aims to provide a diversified bouquet of products and services to the Indian youth and professionals. “Payments is a thick slice of the entire fintech pie and has great potential of creativity and convenience. We plan to unleash this potential. YPay card has already facilitated over 50,000 transactions in a short span of time. We are overwhelmed with the response received so far and aim to serve a larger customer base of 600,000 individuals by the end of this fiscal year. We will soon raise our Series A,” claims Dr. Navneet Gupta- Founder & CEO, YPay.
With the additional round of funds, YPAY plans to robustly acquire talent as the brand moves towards its next milestone. A part of the fund will also be utilized for technology development and fuel further growth. On Investing in YPay, Mr. Neeraj Tyagi- Co-Founder and CEO, We Founder Circle affirmed, “Indian youth and teens, especially in Tier 2 and Tier 3 cities, have increased their appetite for digital mode of payments. YPAY smart solutions taps this quintessential aspiration of the young Bharat and their need to adopt digital payment solution. Their product positioning as #BharatkaSmartCard that caught attention of consumers and investor community led WFC to invest in them repeatedly.”
This is a follow-up round by We Founder Circle which invested around USD 175K in YPAY earlier this year.
Source: Business World
